ING Real Estate’s healthcare fund is to expire, with the sale of the fund’s final asset complete.
The firm said its £665m (€800) healthcare fund, which launched in 2008 with an IRR of 8-9%, “will be wound down/seize to exist in the near future”.
The expiry comes after the Kisimul Group, the operator of Shrewsbury-based Cruckton Hall, a school specialising for autistic boys, decided to buy the freehold of the building from the fund.
When the 18th-century manor property was previously put on the market, a guidance price of £20m was given.
Hein Brand, chief executive officer of ING Real Estate, said: “The sale of this last asset and the dissolution of the healthcare fund is another important step in reducing ING’s exposure to real estate investments. We are pleased with the progress made and the cooperation with the buyer.”
Colliers International advised ING. All parties declined to comment on details of the deal.
joanna.bourke@estatesgazette.com
