SYDNEY-Shareholders in the$2.2 billion ING Industrial Fund have approved its sale to a consortium comprising the Australia-based Goodman Group, Canada Pension Plan Investment Board, Dutch-based APG pension fund and the China Investment Corporation.

The IIF portfolio consists of 61 industrial properties totalling almost 5.5 million square feet in managed GLA. The acquisition would grow Goodman’s total real estate assets under management to $17.5 billion. The transaction was subject to a court hearing in early March. “Substantial third party equity has been raised by the group and our managed funds over the last 12 months and with the completion of this transaction, we are well positioned to organically grow our assets under management to $20 billion over the next couple of years,” said CEO Continental Europe Danny Peeters. Eleven of the properties are located in Germany, centred around Bremen and Berlin, four in Spain near Madrid and the asset in Belgium is in Puurs between Antwerp and Brussels.

The purchase will see the group become the largest owner of logistics real estate in Germany, said Peeters. “Upon completion of this transaction Goodman will have a total of 37 million of logistics space under management in continental Europe.”