ING Real Estate Investment Management (ING REIM) has announced that a majority of unit holders has approved the proposal by Goodman Industrial Funds Management to acquire all of the units in ING's Industrial Fund (IIF) via a trust scheme.

At a meeting held in Sydney on Thursday, 93% of unit holders approved the transaction, which is scheduled to close on 29 March. The deal is part of ING's previously-announced strategy to undertake a phased withdrawal from the Australian real estate investment management business in a 'timely and controlled' manner.

Goodman and its three global investors in January made a cash offer to acquire 100% of the ING Industrial Fund with EUR 1.8 bn worth of assets. The Goodman-led consortium consists of Canada Pension Plan Investment Board (CPPIB), All Pensions Group (APG) and China Investment Corporation (CIC).

ING Industrial Fund is an ASX-listed real estate investment trust managed by ING REIM Australia, that owns, develops and manages 61 assets located across Australia and Europe. The European portfolio includes 16 industrial properties and campus facilities offering 509,000 m2 and valued at EUR 210 mln. 11 properties (367,091 m2) are located in Germany, in or in the vicinity of Bremen and Berlin, while four assets (121,601 m2) are located in Spain, in or near Madrid and one asset (20,397 m2) is located in Puurs, Belgium.

Danny Peeters, CEO of Goodman Continental Europe, commented: 'The deal makes Goodman the largest logistics property owner in Germany. When the transaction is completed, Goodman will have a total of 3.5 million m2 of logistics space under management in Continental Europe.'

ING announced last month that it had finalised the strategic review of its Australian REIM platform and its five ASX-listed real estate funds. In relation to the other four funds, the company said that significant progress has been made in evaluating alternatives and active discussions are in place with a number of external parties.