Simon Owen works ING debt down to 40% - US and AUS village sales

It has taken two years but Simon Owen has reduced ING Real Estate Community Living Group debt to 40% after the sale its 50% share of 15 villages in America for their $160M book value. ING netted $30M, indicating its debt ratio was 81%. ING has also sold eight non core rental villages in Australia over the past 12 months for an additional $22M and premium over book value of 20%+. Occupancy of the remaining 23 rental villages now stand at 81%. ING has had its interest fee cut by 1% or $2.5M a year, thanks to its lower debt ratio. Owen was employed by Denis Hickey, who left Stockland to sought out the larger real estate ING debt mess, has resigned as he feels his task is complete. (He is heading to Harvard as a student).