ING Real Estate Finance Announces Sale of USD 1.6 Billion of U.S. Commercial Real Estate Loans to Wells Fargo Bank, N.A. Divestment is Continuation of ING's Strategy to Manage Down U.S. Property-Lending Business as Company Sharpens Focus of Real Estate Finance Platform PR Newswire NEW YORK, Aug. 16, 2013 NEW YORK, Aug. 16, 2013 /PRNewswire/ --ING Real Estate Finance (USA) LLC announced today that it has reached an agreement to sell 29 of its real estate loans in the U.S. with a total outstanding balance of USD 1.6 billion (EUR 1.19 billion at current exchange rates) to Wells Fargo Bank, N.A. The attractive terms reflect the quality of the portfolio, which consists entirely of performing loans and represents approximately 50 percent of ING Real Estate Finance's total U.S. loan portfolio. The agreement further strengthens ING's capital position as ING Real Estate Finance focuses its activity in its core markets. The company announced in September 2012 that it would manage down its U.S. property-lending business. "This divestment is a result of the successful execution of our strategy to capitalize on current robust U.S. market conditions to generate strong interest in the loan portfolio among a high-quality pool of potential buyers," said Michael Shields, Managing Director and Head of ING Real Estate Finance Western Europe, UK, USA and Structured Products. "As ING sharpens the focus of its Real Estate Finance business, we will continue to deliver tailored real estate financing solutions in our other Real Estate Finance markets." "As the number one commercial real estate lender in the U.S., adding high-quality, performing loans to our portfolio is consistent with our business strategy and risk management practices," said Mark Myers, Head of Commercial Real Estate at Wells Fargo. "Many of our existing customers have loans in this portfolio as well, and we look forward to meeting the needs of those customers while strengthening our Commercial Real Estate business through this acquisition." Morrison & Foerster LLP served as counsel to ING Real Estate Finance in the transaction, while Dechert LLP served as counsel to Wells Fargo Bank, N.A. About ING Real Estate Finance ING Real Estate Finance isone of the leadingcommercial real estate financierswith a portfolio of over EUR 28 billion. We provide global coverage toclients from offices throughout Europe and Asia. ING Real Estate Finance is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations. SOURCE ING Real Estate Finance Contact: Christa Segalini, email@example.com, 201-465-8021
ING Real Estate Finance Announces Sale of USD 1.6 Billion of U.S. Commercial Real Estate Loans to Wells Fargo Bank, N.A.
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