ING Bank has reportedly appointed Morgan Stanley to market its EUR 64 bn ING Real Estate Investment Management business. The sales process will start in the next few weeks, according to reports in UK real estate publication Estates Gazette and Private Equity Real Estate (PERE).
ING Bank has reportedly appointed Morgan Stanley to market its EUR 64 bn ING Real Estate Investment Management business. The sales process will start in the next few weeks, according to reports in UK real estate publication Estates Gazette and Private Equity Real Estate (PERE).
Both ING and Morgan Stanley declined to comment when contacted by PropertyEU.
Potential bidders include private equity firms TPG and KKR and private equity real estate investors such as Blackstone, Estates Gazette said.
ING is undergoing a 'back to basics' re-organisation after receiving EUR 10 bn in aid from the Dutch government in 2008. The re-organisation involves separating the banking and insurance activities. Several units, including ING REIM, have been designated as non-core and may be disposed of.