KingSett Capital announced on August 26, 2010 that it had joint ventured with Alberta Investment Management to acquire industrial real estate fund ING Summit Industrial Fund for $2 billion.
On August 26, 2010, KingSett Capital Inc. announced that it had joint ventured with institutional investor Alberta Investment Management Corp. to acquire all of the equity interests of industrial real estate fund ING Summit Industrial Fund (“Summit”). Summit is Canada’s largest owner of light industrial property. As part of the $2 billion transaction, the KingSett/AIMCo joint venture will also acquire ING Real Estate Canada LP, an investment management organization that is the manager of Summit and has 167 full-time employees working in seven offices across Canada. The transaction is expected to close in the fourth quarter of 2010.