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LONDON-It’s back to the trough for ING Real Estate Investment Management (UK) Ltd., which is involved in its second public offering in days. This time, it’s ING UK Real Estate Income Trust that’s planning to launch an IPO on the London Stock Exchange that could value it at about euro 422 million ($529 million).

Last week, ING unveiled a $900-million IPO of its offshore property trust. This week, the Guernsey registered closed-ended investment company intends to offer up to 252.2 million ordinary shares to institutional investors and the public. The company will be managed by the investment-management operation, one of the UK’s leading property investment managers with some euro 7.38 billion ($8.81 billion) under management.

The new company is aiming for an annualized dividend yield of 6.25% and will invest in a diversified portfolio of properties located across the UK, the Isle of Man and the Channel Islands. The current portfolio comprises more than 50 properties with an average value of about euro 723 million ($864 million) across five commercial property sectors. Net assets per share are put at 99 pence.

“The launch of the company will realize ING Real Estate’s long-standing ambition to create an income focused UK real estate investment vehicle open to all investors,” says Robert Houston, chairman and chief executive of ING Real Estate Investment Management (UK) Ltd. “The IPO will give both private and institutional investors the opportunity to invest in a real estate investment vehicle offering a compelling dividend yield.”

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