ING takes full control of Urbus

ING Property Trust has reached the 90 per cent threshold for takeover target, Urbus, allowing it to compulsorily acquire all remaining shares.

ING chairman Mike Smith said he was "delighted" with the deal's success.

"The combined group will be able to participate in more significant, and a greater number of, investment opportunities, with the potential to lead to increased earnings and higher returns for all unitholders," Mr Smith said.

The merged company will become the country's second largest listed property trust by market capitalisation, behind Kiwi Income .

With assets of about $800 million and a market capitalisation of about $550 million, it will be big enough to be listed on the Stock Exchange's top 50 index.

Urbus' board was in favour of the offer, with ING offering 0.98 ING shares for every Urbus share.

Shares in ING opened at $1.19 today, against a year high of $1.29 and a low of 90c.

- NZPA