Real estate investment trust ING Industrial Fund
(ASX:IIF) has finalised the sale of its 50 per cent owned Summit portfolio for CAD$1.01 billion.
ING Industrial Fund was a joint venture partner with the Netherlands-based ING Group, and the fund says it expects the sale to be settled by the end of the year.
According to the Australian Financial Review the joint venture paid around CAD$2 billion when the property boom was at its peak in 2006, and before ING’s exit out of the partnership, CAD$216 million worth of assets had already been sold.
ING advises that it currently has $3.2 billion worth of assets under management across Australia, Canada and Europe.
ING Industrial Fund booked a net loss of $231.9 million in the 2010 financial year.
