ING takes control of property trust's manager

By Paul McBeth

Wednesday 4th February 2009

ING New Zealand, 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 and ING Medical Properties buying the 50% stake Symphony Investments (2007) 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, of which businessmen Robin Congreve and Colin Reynolds are shareholders.

ING Property Trust last traded unchanged on $.177, and ING Medical Properties Trust was also unchanged on $1.16.

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