ING Industrials off-loads assets for $76.1m
ING Industrial Fund (IIF) said that it had off-loaded $76.1 million in ‘non-core properties’. The fund said the assets were sold from both its Australian and Canadian portfolios, with the Australian properties achieving close to book value.
The statement released to the ASX noted the funds raised would be used to reduce debt levels, however IIF’s CEO Paul Toussaint said the money would be reinvested.
“We remain focussed on actively managing our portfolio, and as such these transactions highlight our strategy of unlocking value from our non core assets with a view to reinvestment in earnings enhancing activities,” Mr Toussaint said.
In Australia, IIF said it had sold Airlink Business Park at Mascot for $22 million the Greenhills Industrial Estate at Moorebank for $10.8 million.
At 1143 AEDT, IIF shares were up 0.5c to $48.5c.
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