ING Groep NV agreed to buy Dutch real estate investment trust KFN for more than 600 million euros ($887 million Canadian) to gain 80 office buildings, including the world famous Weena Tower in Rotterdam.

The purchase gives Amsterdam-based ING Real Estate, the world’s largest property fund manager, control of a company with assets of about 1.6 billion euros across the Netherlands.  The seller, Dutch pension fund Stichting Pensioenfonds ABP, will receive a 365 million euro stake in two ING property funds.

KFN’s properties have almost 600,000 square metres of space, are 94 per cent occupied and attracted interest from 14 companies, ING said. The company’s 10 biggest tenants include PricewaterhouseCoopers, Vodafone Group PLC and the Dutch government and account for more than a quarter of rental income.  Looks like another positive move my ING.

Thanks for dropping in on our new real estate themed blog.  This is where you will find news and commentary about what is happening in the world of real estate and also on our real estate portal.  Hope your stay is enjoyable.