NEW YORK (Reuters) - U.S. real estate company CB Richard Ellis said on Tuesday it will buy rival Insignia Financial Group Inc. for $11.00 per share in cash, making the combined company the world's biggest commercial property manager. The transaction is valued at about $415 million, including repayment of net debt and redemption of preferred stock, and is subject to Insignia shareholders' approval and other conditions, the companies said. Insignia said it will try to sell certain real estate assets prior to the closing of the deal. Any amount it receives above $45 million for these assets will be paid to shareholders, up to an additional $1.00 per share of Insignia common stock. The combined company will operate as CB Richard Ellis and will have a portfolio of nearly 850 million square feet worldwide. The deal, expected to close in June, is also subject to the receipt of financing and regulatory approvals. To finance the deal, CB Richard Ellis will get up to $145 million in cash from Blum Capital Partners. CB Richard Ellis has also received a commitment from Credit Suisse First Boston for the necessary debt financing.