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INGDIAM has increased its stake in ING Industrial Fund to 5.06 per cent as part of its continuing investment in Australian property.

The Japanese DIAM is a client of Colonial First State Global Asset Management and has been a long-term buyer of the ING fund – well before the management rights of the ING listed trusts were put on the market by the Dutch ING Groep. The share buying is not related to the sale of these management rights.

ING Groep put its stake in the management rights of the Australian stable of funds on the market in July as part of a shift in strategy. ING Real Estate Investment Management, based in Australia, owns the rest and manages the funds as the responsible entity.

The Australian management is said to have proposed bringing management of the funds under its own banner.

But speculation persists that Goodman and Investa Property are firming as the favourites to take over the management rights of the ING Industrial and ING Office funds and keep them as separately listed vehicles.

Neither Goodman nor Investa was available for comment, but both have said they would like a quick resolution.

The new chairman of the Australian ING REIM, Kevin McCann, who is overseeing the review of the rights, is pushing along the plans to get a resolution.

Property fund managers have said they expect Goodman could be in due diligence for the management rights of the industrial fund within a couple of weeks.

But Goodman’s immediate focus is gaining approval at an extraordinary shareholder meeting in Sydney on Friday to buy Moorabbin Airport in Melbourne from the Goodman family for $201.5 million.

The independent proxy advisers RiskMetrics and CGI Glass Lewis have said they will vote for the proposal.

In the other big takeover in property, confirmation was received yesterday that the directors of the retirement villages company Aevum have accepted Stockland’s offer for their shareholdings.

Stockland said it had 82.83 per cent of Aevum, close to the 90 per cent required for compulsory acquisition. The offer of $1.80 an Aevum share closes on Friday.

The managing director of Stockland, Matthew Quinn, said the remaining Aevum shareholders should feel confident about accepting the offer.

Story by Carolyn Cummins Commercial Property Editor www.smh.com.au

Tags: commercial, economy, finance, investment, property, real estate

View the original article here

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