ING to sell its stake in Canadian property portfolio
(Thomson Reuters ONE) -
ING announced today that it has agreed to sell its 50% stake in ING Summit
Industrial Fund LP ("Summit"), a Canadian light industrial property portfolio to
a joint venture between KingSett Capital and Alberta Investment Management
Corporation (AIMCo).
"As we focus on improving the performance of the Banking and Insurance
businesses, managing risk and our business portfolio remain important
priorities," said Jan Hommen, CEO of ING Group. "This transaction is in line
with ING's stated objective of reducing its exposure to the real estate
industry."
The transaction value for 100% of Summit is approximately CAD 2.0 billion and
includes assumed debt. In addition to its direct investment in Summit, ING has
an indirect participation through its 7.8% unit holding of ING Industrial Fund
(IIF), an ING-managed listed property fund in Australia which owns the remaining
50% in Summit. As part of the transaction, IIF has agreed to simultaneously sell
its stake in Summit to KingSett/AIMCo. Consequently, ING's indirect
participation in Summit will end as well. Separately, ING has agreed to sell ING
Real Estate Canada, the manager of Summit, to KingSett/AIMCo for an undisclosed
amount.
The transaction is not expected to have a material impact on ING Group's results
and capital ratios and is expected to close in the fourth quarter of 2010,
subject to regulatory approvals. The transaction will not affect the earlier
announced evaluation of the position of ING Real Estate Investment Management
within the bank. This separate process is ongoing.
Summit is a real estate investment fund that focuses on Canadian light
industrial real estate. The fund's portfolio comprises over 400 industrial
properties located primarily in major metropolitan markets in Canada.
KingSett Capital is Canada's leading private equity real estate investment
business co-investing with pension funds and high net worth individuals. AIMCo
is one of Canada's largest institutional investors. It manages about CAD 70
billion of Alberta public sector pension and endowment assets, including a real
estate portfolio valued in excess of CAD 5 billion.
Press enquiries Investor enquiries
Victorina de Boer Alexander Mollerus
+31 20 541 5469 +31 20 541 6482
victorina.de.boer(at)ing.com alexander.mollerus(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services. As of 3O June 2010, ING
served more than 85 million private, corporate and institutional clients in more
than 40 countries. With a diverse workforce of about 105,000 people, ING is
dedicated to setting the standard in helping our clients manage their financial
future.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are statements of future expectations
and other forward-looking statements. These expectations are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties. Actual results, performance or events may differ materially
from those in such statements due to, among other things, (i) general economic
conditions, in particular economic conditions in ING's core markets, (ii)
performance of financial markets, including developing markets, (iii) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (iv) changes in the availability of, and costs associated with,
sources of liquidity, such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (v) the frequency and severity of insured loss events, (vi)
mortality and morbidity levels and trends, (vii) persistency levels, (viii)
interest rate levels, (ix) currency exchange rates, (x) general competitive
factors, (xi) changes in laws and regulations, (xii) changes in the policies of
governments and/or regulatory authorities, (xiii) conclusions with regard to
purchase accounting assumptions and methodologies, (xiv) changes in ownership
that could affect the future availability to us of net operating loss, net
capital loss and built-in loss carryforwards, and (xv) ING's ability to achieve
projected operational synergies. ING assumes no obligation to update any
forward-looking information contained in this document.
[HUG#1440868]
pdf version of press release:
http://hugin.info/130668/R/1440868/385170.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.08.2010 - 06:28 Uhr
Sprache: Deutsch
News-ID 40307
Anzahl Zeichen: 0
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 250 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ING to sell its stake in Canadian property portfolio"
steht unter der journalistisch-redaktionellen Verantwortung von
ING Group (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
