ING Real Estate Investment Management, one of the biggest property asset managers in Europe, has been forced to sell certain properties from its UK funds and ask investors to stump up fresh equity, as slumping capital values in the UK market push it into breach of its agreements with lending banks.
Two portfolios, the ING Retail Property Fund Britannica and the ING Value Added fund, are affected, after returns of -71.1% and -67% last year, according to investors.