ING REIM disposes of 14 Dutch office assets

ING Real Estate Investment Management (REIM) has sold the 14 remaining office properties in its REOFN (Real Estate Office Fund of The Netherlands) fund to an international consortium and a private investor. Thirteen properties were sold to a consortium led by PingProperties while the remaining asset was sold to a private investor. The total proceeds are put at EUR 150-200 mln.

PingProperties plans to sell on one of the 13 properties directly. The other 12 will be integrated into Tango Properties, a special purpose vehicle comprising three Dutch family-owned companies and a number of institutional investors from the Middle East.
The properties have a total lettable area of 84,000 m² and are situated at prime locations in cities such as Maastricht, Eindhoven and Zwolle. Most of the properties date from 2000. Tenants include chemicals group Akzo Nobel, Vodafone and Deloitte.

ING REIM is dismantling the REOFN fund because the assets no longer fit in with its strategy of investing in the four major Dutch cities: Amsterdam, Rotterdam, Utrecht and The Hague. Assets retained by the company have already been transferred to the ING Dutch Office Fund.

The transfer of the 14 remaining offices will take place at the end of the year. The non-Dutch participants in Tango Properties were represented in the deal by WW Advisors. PingProperties acted for the Dutch buyers.