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GlobeSt.com UPDATE: Abbey National Closes $2B-Plus UK Portfolio Sale

LONDON- The buyers of the 6.5 million-sf portfolio of office, retail and industrial properties are funds and clients of ING Real Estate Investment Management (UK Funds) Ltd. The portfolio is 85% leased and has a rental income of $135.26 million a year.

By Brian K. Miller | Updated on August 25, 2005

LONDON-Locally headquartered Abbey National PLC has closed on the sale of its 6.5 million-sf 128-property commercial portfolio in Great Britain for $2.2 billion. The buyers of the retail, office and industrial properties are funds and clients of ING Real Estate Investment Management (UK Funds) Ltd. GlobeSt.com first reported the transaction in mid July .

The portfolio is 85% leased and has a rental income of $135.26 million a year, according to ING. Approximately 61% of its rental income is secured for over 10 years and 85% is secured for over five years, according to ING. The property mix in the portfolio is 25% retail, 40% office, 25% retail, 15% retail-warehouse, 14% industrial, 3% leisure, and 3% mixed-use.

ING contributed $340.34 million in equity financing for the takeover. The properties will be divided between various separate account clients and existing and to be established funds of ING Real Estate in the UK.

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