Real estate investment trust ING Industrial Fund
(ASX:IIF) has now settled its Summit divestment and confirmed that it will receive net proceeds of CAD$339 million for its 50 per cent interest in the portfolio.
When the property boom was at its peak in 2006, ING Industrial Fund and joint venture partner Netherlands-based ING Group bought the portfolio for around CAD$2 billion.
Since then around CAD$216 million of assets has been sold and ING Industrial Fund now says the total value for the complete Summit portfolio is CAD$2.02 billion.
ING has hedged 80 per cent of its Australian net equity return, or CAD$270 million, and says the remaining proceeds will be converted into Aussie dollars when received.
ING Industrial Fund earned a profit of $231.9 million in fiscal 2010.
