ING Industrial Portfolio Sells for $2 Billion

Aug 27, 2010 by

Word has it that Kingsett Capital and Alberta Investment Management Company (AIMCO) will be buying the large portfolio for $2 Billion.  It will be interesting to see what happens from here.  As mentioned previously there are some good assets and not so good ones in this portfolio.  The Calgary Industrial properties are generally good ones save for a couple along 61st Avenue SE which have suffered chronic vacancy and have asking rates in the $4.50 range which is arguably the lowest in the market.  There are also a lot of good people working for ING Real Estate in Calgary.  Not sure what their fate is but given the complexity of the portfolio I would be shocked to see either Kingsett or AIMCO make sweeping changes with staff etc.  Stay tuned for further news on this one.

See Globe and Mail Article

Contact us for a list of the Calgary Industrial properties in ING Portfolio.