CB Richard Ellis Group Inc. on Tuesday said it agreed to acquire most of the real estate investment management business of the Netherlands’ ING Group N.V. for about $940 million.

The Los Angeles real estate services company said the acquisitions include nearly all of the Amsterdam company’s real estate investment management operations in Europe and Asia, as well as Clarion Real Estate Securities, a U.S. global real estate listed securities business. The deal does not include ING’s U.S.-based private market real estate investment management company.

“Our firms fit together well and our investment program offerings are highly complementary,” said Chief Executive Brett White in a statement.

The operations being acquired will become part of CB Richard Ellis’ Global Investment Management segment, which will continue to be an independently operated business unit. The deal is expected to close in the second half of the year. CB Richard Ellis plans to pay for the acquisition with cash on hand and its credit facility.

Ben Thypin, an analyst at commercial-property research firm Real Capital Analytics Inc., said the deal will make CB Richard Ellis the largest property fund manager in the world.

The deal also is good for CB Richard Ellis, which is still recovering from the global commercial real estate downturn, because it provides “a much more consistent stream of income because of the steady fees of asset management,” Thypin told Bloomberg News.

Shares were up 70 cents to $25.33 in midday trading on the New York Stock Exchange.