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ING Groep Selling Canadian Commercial Real Estate Portfolio, Globe Says

06 July, 2010
ING Groep NV, the biggest Dutch financial-services company, is selling a portfolio of warehouses and industrial properties in Canada to bolster its balance sheet, the Globe and Mail reported.

ING purchased the properties of Summit Real Estate Investment Trust for C$2.1 billion ($1.98 billion) four years ago, the newspaper said. The sale, arranged through TD Securities, could reach up to C$2 billion, the Globe said.

ING was hoping to close the sale by June, although it's taking longer as possible buyers are trying to find financing, the newspaper said, citing unidentified people.

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