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ING Office Fund to sell US property for $110.6m

ING Office Fund to sell US property for $110.6m

Real estate investment trust ING Office Fund (ASX:IOF) has completed due diligence on the sale of a US office property.

The company said it had entered into a sale agreement with Northrop Grumman Corporation, which plans to use the Virginia property as its new corporate office.

The property is owned in a 50/50 JV, ING said, and the sale price for 100% of the property is US$101.3 million ($110.6 million).

ING Office Fund CEO Tino Tanfara said the sale was in line with the company's “strategy to conduct a phased withdrawal from our offshore portfolio in order to... focus on Australian core CBD office markets.”

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Tags ING Office Fundbusiness dealsASX:IOF

More about ING AustraliaNorthrop Grumman

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