*iif* annoucement out - read
ASX Announcement ING Industrial Fund (“IIF”) 30 June 2004 Sale of Forest Business Park ING Management Limited, the Responsible Entity of the ING Industrial Fund (“IIF” or “the Fund”), today announced that the Fund has contracted to sell a non-core property located at 9 Rodborough Road, Frenchs Forest NSW (“the Property”), for an amount of $10.5 million, with settlement to occur on 28 February 2005. The Property will provide a net yield to the Fund of $1.0 million pa, or 9.6% on the sale price until settlement in February 2005. The average lease term to expiry at the time of settlement will be 1.5 years, reflecting the imminent expiry of a major lease at the property. The sale price of $10.5 million represents a premium of 5.0% over the property’s current book value of $10.0 million. Commenting on the transaction, Mr Paul Toussaint, Chief Executive of the ING Industrial Fund, said “The sale of Forest Business Park is consistent with Management’s strategy to continue to enhance the overall quality of the Fund’s portfolio. The proceeds from the sale of this non-core property will be redeployed into IIF’s development projects, which will provide superior income and capital returns for investors over the medium to longer term.” Following the settlement of the Property, the Fund’s portfolio will comprise 57 industrial properties, with total assets of approximately $1.7 billion. For further information please contact ING Real Estate Investment Management Australia Paul Toussaint, Chief Executive Officer - ING Industrial Fund - (02) 9033 1005 Doug Auchterlonie, Fund Manager - ING Industrial Fund - (02) 9033 1030
