CBRE has completed the acquisition of the real estate investment management operations of ING Group in Asia. The plan is to merge that business with the existing real estate business of CBRE in this region.

Richard Price, who ran the real estate operation of ING, now takes the job of CEO of the combined entity’s Asia-Pacific investment management platform, which encompasses Hong Kong, Shanghai, Seoul, Singapore, Taipei and Tokyo. 

The Asian operation is subordinate to CBRE’s global business, which is led by global president Matt Khourie.

The sum of the deal includes the acquisitions of ING REIM Asia and ING Clarion Real Estate Securities (the latter having closed on July 1, 2011). CBRE’s assets under management are now $63.6 billion.

CBRE has also bought ING’s European property investment operations and that deal is due to close this quarter.

ING is getting approximately $940 million for the aggregate sale of the three businesses. CBRE is paying for it with cash, and the lion’s share from bank debt, including an $800 million facility arranged in March 2011 for this purpose.