ING takes full control of prop. trust’s manager
ING (NZ) takes full control of property trust’s manager
By Paul McBeth
Feb. 4 – ING New Zealand Ltd., the investor and insurer owned by the ING Group and ANZ National Bank, has taken full control of the management company for ING Property Trust and ING Medical Properties Trust.
The local arm of the Dutch insurer took full ownership of ING Property Trust Management Ltd and ING Medical Properties Ltd buying the 50% stake Symphony Investments (2007) Ltd. held in each managing vehicle. Symphony Investments is part of the wider Symphony group, a developer and fund manager specialising in residential, hotel, commercial and industrial property.
The group became half-owner of the ING Property Trust in August 2003, when ING bought the group’s share in the manager of Paramount Property Trust.
According to the companies register, Symphony Investments (2007) is controlled by Symphony Trusts Investment Ltd., of which businessmen Robin Congreve and Colin Reynolds are shareholders.
ING Property Trust last traded unchanged on NZ$.177, and ING Medical Properties Trust was also unchanged on NZ$1.16.