This article is from the Australian Property Journal archive
ING Real Estate Investment Management has sold its 60% interest in the manager of the ING Real Estate Healthcare Fund to APN Property Group Limited.
APN will also purchase the 1.4% stake in IHF owned by ING entities. APN will also buy a further 7.5% interest in IHPL beneficially owned by IHF senior management.
IHF senior management will continue to own a 32.5% interest in IHPL. CEO Miles Wentworth and director acquisitions and developments, Chris Adams will continue to manage the fund and are supportive of the change.
The sale is part of ING’s strategy of a phased withdrawal from the Australian property funds management business, which includes five listed A-REITs.
So far ING REIM has sold the management of ING Industrial Fund to Goodman Group and ING Office Fund to Investa Property Group.
Negotiations are underway for the sale in the remaining funds, ING Entertainment Fund and ING Community Living Group.
ING REIM CEO Hein Brand said APN is a long-time supporter of IHF and the healthcare property sector as evidenced by its current unit holding in the fund. APN is currently IHF’s largest single unit holder.
“We believe that this proposal is in the best interest of unitholders of the fund. This proposal is the next step as we move through our phased withdrawal from the Australian real estate investment management market,” he concluded.
Australian Property Journal
