ING Real Estate Development Sells in Warsaw, Brussels
ING Real Estate Development, part of ING Group, has sold its shares in the holding company that owns 77 percent of Zlote Tarasy, a mixed-use property development in Warsaw, reducing its exposure by €475 million. Zlote Tarasy, which opened in 2007, has 225,000 square metres of space, including 66,200 square metres of retail space and 47,300 square metres of office space.
The buyer is a fund managed by general partners AXA Real Estate and CBRE Property Fund Central Europe (PFCE); Unibail-Rodamco is a limited partner. PFCE, which is managed by