ING Real Estate Investment Management (ING REIM) has sold a portfolio of 39 office properties to a consortium of private investors. The investment volume is estimated to be about EUR 376 mln.

The transaction, which was finalised in the last days of December, is by far the largest real estate investment deal in the Netherlands in 2009.

The portfolio, comprising about 209,000 m2 of office space, was held by the ING Real Estate Office Fund of the Netherlands (REOFN). The fund was established in March 2008 following the takeover by ING REIM of a larger investment portfolio from Kantorenfonds Nederland (KFN). Properties that did not fit the main ING Dutch Office Fund were placed with REOFN. ING REIM said at the time that the REOFN fund would have a term of up to three years.

Earlier in 2009 ING REIM sold the offices of the national statistics agency CBS in The Hague and Heerlen, as well as two other buildings in Rotterdam and Breda. The divestment of the 39 properties on 30 December brings the total sales volume by REOFN to about EUR 500 mln, representing 75% of the fund's overall portfolio.

CB Richard Ellis acted for ING REIM in the December transaction, with Nauta Dutilh and KPMG Meijburg respectively providing legal and tax advice.

The buyer was represented by Loyens & Loeff (legal and tax), NIBC Bank (financial), Heren2 (technical) and broker Westbroek Commercieel Onroerend Goed Advies.