This article is from the Australian Property Journal archive
ING Real Estate has sold the management rights of the ING Real Estate Entertainment Fund to Torchlight.
The responsible entity of IEF will be handed over to Bodiam RE Limited, a wholly-owned subsidiary of Torchlight.
Torchlight is currently one of IEF’s largest unit holders, owning 17.6% of the fund’s units.
ING Real Estate CEO Hein Brand said the transaction is part of ING’s previously stated intention of undertaking a phased withdrawal from its Australian property funds management business.
In March of this year, ING Real Estate sold the rights of ING Industrial Fund to Goodman Group and ING Office Fund to Investa Property Group.
ING Real Estate Healthcare Fund was sold to APN Funds Management Limited.
The process of selling the remaining ING Community Living Fund is underway.
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