ING Industrial Fund has raised $400 million from the sale of IIF Preference Securities and IIF Equity-linked Options.
The IIF Preference Securities and IIF Equity-linked Options will be sold to a special purpose trust established by JPMorgan.
The JPM Trust will issue $400 million Fixed Rate Dual Tranche Secured Exchangeable Notes, which have been offered outside of the
IIF’s chief executive Paul Toussaint said the transaction is the first of its kind in the Australian market.
“The transaction has enabled IIF to raise very efficient equity funding to complete the financing of its 50% interest in the joint venture that acquired Canadian based Summit REIT in October 2006, assist with the funding of the $100 million portfolio of European acquisitions announced in December 2006 and partly finance the Fund’s ongoing development pipeline,” he added.
Australian Property Journal
