CB Richard Ellis Group Inc. has a purchase agreement with ING Groep NV to buy the majority of the Dutch financial group’s real estate investment management business, The Wall Street Journal reported.

Los Angeles-based CB Richard Ellis, which is paying $940 million in cash to combine its global investment management business with most of ING Real Estate Investment Management’s business in Europe and Asia, will also purchase Clarion Real Estate Securities, a property-securities business based in the United States.

“This is a really compelling opportunity for us,” said Brett White, CEO of CB Richard Ellis. “We are acquiring this business at the perfect time, at the low end of the cycle just as we enter a period of healthy and protracted expansion in the industry.”

The bulk of ING Real Estate Investment Management will be combined with CBRE Investors to create a global real estate investment manager with nearly $97.5 billion worth of assets.

“With these transactions, we continue to deliver on our strategic objectives of reducing exposure to real estate, simplifying our company and further strengthening our capital base,” said ING CEO Jan Hommen in a prepared statement.

Analysts at JP Morgan Chase & Co. said the deal should be meaningfully accretive to CB Richard Ellis’ earnings and estimated that the ING acquisition could add up to 30 cents per share.