Shanghai Property Sold by ING Real Estate

Tuesday, February 28 2006 @ 02:08 pm UTC

Contributed by: jron

The Shanghai Daily reported, ING Real Estate Investment Management Asia has sold a serviced apartment complex in downtown Shanghai for approximately 100 mln usd, more than triple what the project was sold for three years ago.

A source familiar with the deal as saying the property was sold in 2002 for 32.7 mln usd, the newspaper cited. The Dutch investment firm said in a statement that the proceeds from the sale will be used to make new acquisitions in China, also said by the paper.

Sold to Concord Land Ltd, a Hong Kong company, the complex, the Somerset Grand Shanghai, a twin tower complex of serviced apartments near Xintiandi, the paper said.

The paper also said that ING obtained the project in 2004 through its acquisition of Rodamco Asia NV, a pan-Asian property investment company also headquartered in the Netherlands.

By: Dijon Wainwright