This article is from the Australian Property Journal archive
THE ING Real Estate Community Living Group has settled on the sale of the Meridian portfolio in North America.
The fund sold its 49% stake in the US Seniors Meridian portfolio and 50% interest in its Canadian Long Term Care Regency portfolio to existing joint venture partner, Chartwell Seniors Housing Real Estate Investment Trust in December last year.
ILF CEO Simon Owen said the sale proceeds for Meridian of $US31 million will be used to repay debt and derivative obligations as well as provide working capital to continue developing the Settlers portfolio in Australia.
“The completion of this transaction is a key step towards the simplification of our business model. We continue to focus on improving the operational performance of the Fund’s core Australian and U.S. Seniors investments,” he added.
Meanwhile Owen said the fund is making progress with the exit from the US Students portfolio and is well advanced in negotiations for the hand-back of title for the remaining properties to lenders in lieu of outstanding debt obligations.
The first property hand-back will be completed this month, with the balance scheduled to follow over the course of 2010.
The fund has recently appointed Jones Lang LaSalle to run a sales campaign across New Zealand, Australia and Asia for its three Wellington student accommodation facilities.
Australian Property Journal
