ING Industrial Fund has gained an additional 84% shareholding in Summit REIT.
As a result of those acceptances, IIF and its joint venture trust ING Real Estate Canada Trust hold approximately 89% of the outstanding units in Summit including units and units underlying convertible debentures held by INGREC.
INGREC said over the next several weeks, the group will proceed to acquire the remaining Units in Summit, which is expected to be completed early in 2007.
Financing for the acquisition is being provided by Australia and New Zealand Banking Group Limited, JP Morgan Australia and Royal Bank of Canada.
By Adam Parsons
