ING Real Estate is selling a fund that owns entertainment and leisure venues in Australia and New Zealand. The Australian Entertainment Fund (IEF) is listed in Sydney and has total assets under management of AUD $235.6 mln (EUR 180 mln).
ING Real Estate is selling a fund that owns entertainment and leisure venues in Australia and New Zealand. The Australian Entertainment Fund (IEF) is listed in Sydney and has total assets under management of AUD $235.6 mln (EUR 180 mln).
The financial details of the transfer of management rights to Australian investment company Torchlight were not disclosed.
Torchlight is currently one of IEF’s largest unit holders, owning a 17.6% stake.
The transaction is part of ING's phased withdrawal from its Australian property funds management business, which included five ASX-listed Real Estate Investment Trusts.
In March of this year, the ownership of the management rights of ING Industrial Fund were was sold to Goodman Group, and shortly after, Investa Property Group took over the ING Office Fund. Similarly, in August 2011, management rights of the ING Real Estate Healthcare Fund (were transitioned to APN Funds Management.
