ING Group announced on Tuesday that it has completed the sale of its 50% interest in a Canadian light industrial property portfolio. The stake in the ING Summit Industrial Fund (Summit) was acquired by a joint venture between KingSett Capital and its affiliates and clients of Alberta Investment Management Corporation (AIMCo).
ING Group announced on Tuesday that it has completed the sale of its 50% interest in a Canadian light industrial property portfolio. The stake in the ING Summit Industrial Fund (Summit) was acquired by a joint venture between KingSett Capital and its affiliates and clients of Alberta Investment Management Corporation (AIMCo).
The deal was originally announced in August 2010. ING said that the sale was in line with the group's stated objective of reducing its exposure to real estate but does affect the earlier announced evaluation of the position of ING Real Estate Investment Management within the bank. This separate process is ongoing.
The transaction value for 100% of Summit is approximately CA$2 bn (EUR 1.4 bn) and includes assumed debt. The sale of the 50% stake owned by ING Industrial Fund, ING Group's co-investor in Summit, was also closed in the same transaction.
The separate transaction to sell ING Real Estate Canada, the manager of Summit, to KingSett/AIMCo has also been completed.
Summit is a real estate investment fund that focuses on Canadian light industrial real estate. The fund’s portfolio comprises over 400 industrial properties located primarily in major metropolitan markets in Canada.
KingSett Capital is Canada's leading private equity real estate investment business co-investing with pension funds and high net worth individuals. AIMCo is one of Canada's largest institutional investment managers. It manages about CA$ 70 bn of Alberta public sector pension and endowment assets, including a real estate portfolio valued in excess of CA$5 bn.
