ING on track to pay back non-securitised borrowings

It has sold a retail property at 134-152 Balham High Road, London for £10.5m.

The sale, which represents a net initial yield of 3.57%, will enable ING to complete its strategy of repaying its outstanding non- securitised borrowings early.

This is expected to take place before the end of 2008.

Its asset disposal programme began in 2007 and it said since the peak of market in June 2007 it has sold nine assets for a total of £84m at a weighted yield of 4.28% and a cumulative premium of 3.5% to that of the June valuation.

Michael Morris, fund manager, said: 'We are pleased, particularly in this market, to have made a further disposal which enhances NAV and is income accretive.

'This transaction concludes a successful programme of sales which enables us to fulfil our strategy of paying down the company’s more expensive non-securitised borrowings early.

He added: ‘Future sale proceeds will be used to provide further headroom against loan covenants should market conditions require.’