ING Industrial Fund
(ASX:IIF) says it has $76.1 million in sales either contracted or completed in Australia and Canada as part of its non-core asset divestment program.
The company says contracts were exchanged on two assets in Australia, the Airlink Business Park in Mascot NSW for $22 million, and the Greenhills Industrial Estate in Moorebank NSW for $10.8 million.
The sales were to local private investors and at June 30 2009 book values.
The fund also says it has continued to gain traction on its program of asset sales in Canada, selling $43.3 million of assets within 1 per cent of book value since June 30 2009.
The company says the most significant of these was a portfolio of 13 assets in the non-core Winnipeg market for a total $21.9 million, reflecting a yield of nine per cent.
ING Industrial Fund says the sale proceeds will be used to reduce the fund’s debt levels.
ING Industrial Fund posted a loss of $1.146 billion in 2009.
