Two ING RE funds redeem auction-rate stock

ING Real Estate’s real estate equity management arm is the latest to redeem securities to help ease shareholders’ liquidity pains.

ING Clarion Real Estate Securities, the real estate equity management arm of ING Real Estate, announced Thursday it plans to partially redeem auction-rate preferred securities for two of its closed-end funds.

The partial redemption will come in the amount of $200 million (€130 million) and $40 million respectively, which represents 22 percent and 33 percent respectively of the total ARPS outstanding for each fund.

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