Insignia, CBRE to Sell Investment Assets to Farkas-Led Group

NEW YORK CITY-Insignia Financial Group Inc. and CB Richard Ellis Services Inc. have entered into a definitive agreement with Island Fund I LLC where Island Fund has agreed to purchase all of Insignia’s real estate investment assets. Island Fund is a newly formed entity controlled by Andrew L. Farkas, Insignia’s chairman and CEO. “CB Richard Ellis was not interested in the real estate investment assets,” explained an Insignia spokesperson.

In connection with the sale of the assets to Island Fund, CB Richard Ellis has agreed to increase the total consideration per share of Insignia common stock in the previously announced CB Richard Ellis/Insignia merger from $11 per share to $11.156 per share, provided that the sale is completed immediately prior to the Insignia merger and certain conditions are satisfied.