CB Richard Ellis to Buy Insignia

Insignia Financial Group Inc., New York, and CB Richard Ellis, Los Angeles, have announced an agreement with Island Fund I LLC under which Island Fund will buy all Insignia's real estate investment assets and CBRE will increase the purchase price for Insignia stock in their previously announced merger.The total consideration will be increased from $11.00 per share to $11.156 per share, provided that the asset sale is completed before the merger and certain other conditions are met, the companies said. Island Fund is a newly formed entity controlled by Andrew L. Farkas, Insignia's chairman and chief executive officer. The Island Fund transaction was approved by the boards of Insignia and CBRE, but the merger is subject to approval by Insignia's shareholders. The companies can be found online at http://www.cbre.com and http://www.insigniafinancial.com.