ING nets over $1 billion from real estate sale
Dutch-based ING has confirmed it is selling the majority of its ING Real Estate Investment Management (REIM) business in two separate transactions valued at more than $1 billion.
The company said overnight it would be selling its three ING REIM businesses to CB Richard Ellis for US$940 million, and one other business to management and Lightyear for US$100 million.
The announcement, made in Amsterdam, said ING would also sell US$100 million in equity stakes in some ING REIM funds.
Commenting on the move, ING REIM head of strategy Christophe Tanghe said it had been the result of a thorough process.
“While ING has decided to withdraw over time from its Australian real estate investment management activities, we will continue to provide full support to Real Estate Investment management as it completes the transition of the business,” he said.
The chief executive of ING REIM Australia, Denis Hickey, said the company had been focused on implementing a strategy for the best future ownership for its funds.
Agreement had been reached with a Goodman Consortium with respect to the industry fund, and a strategy had been agreed to internalise management and restructure the Entertainment Fund into a list hotel property and operating business.
Work was continuing with respect to the remaining three funds.
AUTHOR
Mike Taylor
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