Niagara Acquisition Inc., which is owned by KingSett Capital and certain clients managed by Alberta Investment Management Corp. (AIMCo), has inked a deal to buy all of the outstanding equity interests in ING Summit Industrial Fund LP. The sellers are Realty Holding LP and Realty Holding II LP. The deal is valued at roughly CDN $2 billion, including debt. Niagara has also agreed to buy ING Real Estate Canada LP, the manager of Summit. KingSett is a PE real estate firm in Canada. AIMCo is a large institutional investor in Canada.
Niagara Acquisition Inc. (“Niagara”), a corporation owned by KingSett Capital Inc. (“KingSett”) and certain clients managed by Alberta Investment Management Corporation (“AIMCo”), has agreed to acquire all of the outstanding equity interests in ING Summit Industrial Fund LP (“Summit”) from Realty Holding LP and Realty Holding II LP in a private acquisition. The transaction value is approximately CDN$2 billion, including assumed debt. Niagara has also agreed to acquire ING Real Estate Canada LP, the manager of Summit.
This news release is being issued under the early warning provisions of Canadian provincial securities legislation.
Summit is Canada’s largest owner of light industrial property. It owns a portfolio of over 400 properties containing approximately 32 million square feet of gross leasable space and 751 net developable acres of land in major metropolitan areas across Canada.
KingSett is Canada’s leading private equity real estate investment business co-investing with pension funds and high net worth individuals.
AIMCo is one of Canada’s largest institutional investors. It manages about $70 billion of Alberta public sector pension and endowment assets, including a real estate portfolio valued in excess of $5 billion.