Shareholders of the ING Real Estate Community Living Group (ILF) have approved the management internalisation of the fund.
More than 99 per cent of shareholders voted in favour of the internalisation yesterday.
"We are very pleased with the meeting results, which demonstrate the confidence existing unit holders have in our ability to transition the ILF business from the ING ownership to a new internalised model," ILF chief executive Simon Owen said.
"We now look forward to focusing on driving improved operational performance as well as expanding and converting several of our existing communities."
ING announced the internalisation in March this year, after a review of its Australian real estate business, ING Real Estate Investment Management Australia (REIMA).
"ING recognised internalisation as the preferred strategy for the fund and supported the ING Management Limited appointed Independent Board Committee in recommending the proposal," REIMA chief executive officer Greg Inkson said.
"ING agrees that internalisation offers the optimal solution for ILF unit holders."
The implementation of management internalisation will become effective when ASIC registers the change.
This is expected to take place on Monday 4 June 2012.
ILF will change its name to Ingenia Communities Group and its ticker on the Australian Securities Exchange will change to INA.
The stock has been suspended from trading since Monday 28 May.
ILF is a stapled real estate investment trust that invests in senior housing communities.
The group currently has $560 million in assets under management, with assets in Australia and the United States.
However, last week ILF announced it had reached an agreement to sell its United States Seniors New York portfolio for US$173.3 million, a transaction which is expected to settle in the fourth quarter of 2012.
