ING Real EstateÂ's US subsidiary Clarion has entered into an agreement today to acquire the Crow Holdings Industrial Trust, a private Real Estate Investment Trust, which invests in industrial real estate throughout the United States.
Clarion is forming a new REIT, which will operate as an open-end fund. The fund will acquire most of the properties of Crow Holdings Industrial Trust and will initially have approximately 250 properties in 22 cities, valued at over Eur 1.31 billion and covering approximately 32.5 million m2. ING Real Estate is joining in with a number of institutional investors for the closing of this new investment. The investment strategy of the former vehicle, which includes value-aded acquisitions and development, will be continued. The rest of the properties of Crow Holdings Industrial Trust, valued at approximately Eur 200 million, will be sold to other parties.
According to Jan Doets, CEO of ING Real Estate, 'this acqisition will provide for the creation of an investment vehicle with a focus on the industrial sector in the US. Given the portfolioÂ's diversification, returns will be highly stable but enhanced through new investments and active portfolio management.'
Closing of the newly formed Real Estate Investment Trust is anticipated shortly.
(source± ING Real Estate
