ING Real Estate Investment Management to acquire the management of AZL’s real estate funds
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ING Group and Dutch pension fund AZL signed a letter of intent on 8 January 2007 relating to the acquisition of AZL’s pension fund services in Heerlen, the Netherlands.
ING Group and AZL plan to join forces in the pension fund market to provide integrated services to pension funds. ING Real Estate Investment Management is to acquire the real estate management activities of AZL, mainly consisting of three real estate funds: AZL Vastgoed Woningen N.V., AZL Vastgoed Kantoren N.V. and AZL Vastgoed Winkels N.V. The total Assets under Management of the three funds amount to EUR 880 million. This acquisition is an excellent opportunity to increase the assets under management and to broaden our investors’ base in a highly competitive Dutch investment market. Because the funds are owned by institutional shareholders the strategy and structure of the funds remains unchanged and will be managed from Heerlen.
Read more detailed information in the attached press releases.