Goodman Group Interested in Becoming the Manager of ING Industrial Fund

Goodman Group, Australia’s largest industrial real estate investment trust, said it is interested in becoming the manager of ING Industrial Fund, in which it owns a 4.4 percent stake.

The company has not had detailed discussions with ING Real Estate, and there is no certainty the transaction will happen, it said in a statement to the Australian stock exchange.

“Goodman believes that this would be a prudent expansion of its fund management business,” it said in the statement.

Sydney-based Goodman would keep the ING fund as a separate listed vehicle rather than merge it with its existing funds, it said.

Goodman shares slipped 0.8 percent to 64 Australian cents at 10:55 a.m. in Sydney. ING Industrial Fund added 2.2 percent to 46 Australian cents.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

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