Kantorenfonds Nederland (KFN) acquired
8 May 2008

ING Real Estate has acquired the real estate company Kantorenfonds Nederland (KFN) from the ABP pension fund. The full portfolio is valued at €1.6 billion. 
Charles Destrée (then deputy general counsel of ING Real Estate): “Fifty-two percent of the real estate portfolio of KFN will be placed in the existing ING Real Estate Dutch Office Fund. The remainder will be placed in a new fund: ING Real Estate Office Fund Netherlands. KFN’s personnel will be integrated into ING Real Estate and will work with the existing personnel on the combined portfolios. ING Real Estate’s emergence as the winner in the bidding procedure was due to a combination of reacting alertly, being flexible, having a small, dedicated team and the right expertise, and combining this expertise with the expertise of external advisors. The price was, of course, an important factor, but ING Real Estate finally won on the full extent of the proposal, including the reinvestment possibilities, the cash component, and the future of the management platform, including its specific competences. The investors were informed in advance and had, in principle, consented to the transaction. A team at ING Real Estate, who kept in contact with the investors, communicated regularly with the advisory board about the ins and outs of the deal.”

Lawyer(s) involved: