Stikeman Advises ING In $2B Summit Industrial Sale

Law360, New York (August 27, 2010, 1:21 PM EDT) -- Dutch finance giant ING Groep NV said Friday that it had agreed to sell its stake in ING Summit Industrial Fund LP to two private equity investors in a CA$2 billion ($1.9 billion) deal as it pulls back on real estate investment.

KingSett Capital and Alberta Investment Management Corp. will acquire 100 percent of Summit, a portfolio of light industrial properties in Canada, including ING's 50 percent direct stake, the company said.

ING also owns an indirect stake in Summit: a 7.8 percent unit holding of...
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