Amsterdam-listed company Wereldhave has reached agreement with ING Real Estate Development on the acquisition of the largest part of ING's Belgian development portfolio. The agreement includes the transfer of employees of ING Real Estate Development in Belgium to Wereldhave Belgium.

Amsterdam-listed company Wereldhave has reached agreement with ING Real Estate Development on the acquisition of the largest part of ING's Belgian development portfolio. The agreement includes the transfer of employees of ING Real Estate Development in Belgium to Wereldhave Belgium.

The transaction is expected to be completed before year-end 2010.

'The purchase of ING's development portfolio combined with the opportunities to expand Wereldhave Belgium’s current investment properties, enable Wereldhave Belgium to increase the size of the shopping centre investment portfolio on the somewhat longer term to about EUR 500 mln, ' the company said on Monday.

Wereldhave manages a EUR 2.4 bn portfolio of office, retail, industrial and residential assets. The properties are located in the Netherlands, Belgium, France, Spain, Finland, the UK and the US.

Earlier this year Wereldhave increased its investment in Dutch shopping centres with the purchase of stakes in five midsized shopping centres from Unibail-Rodamco for EUR 250 mln.