ING UK Real Estate sells 2 properties for £34m

ING UK Real Estate (IRET), the UK property arm of Dutch financial group ING, has sold two properties for a total of £34 mln (EUR 44 mln). The first asset sold by the Guernsey-registered closed investment fund involved retail property comprising a Tesco Supermarket and adjoining retail units covering a total 8,441 m[sup]2[/sup] in Frodsham Street and Frodsham Square in Chester. That property was sold to Tesco Stores Limited for £32 mln, a sales price IRET said reflects a net initial yield of 4.84%. IRET also completed the sale of the 893 m[sup]2[/sup] Globe House in West Byfleet for £2.2 mln, reflecting a net initial yield of 7.8%. Globe House is made up of freehold office space multi-let on three separate leases. IRET said the two sales reflect a premium of 10.12% ahead of the December 2007 valuation.

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