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Property Portfolio 30 INVESTMENT MANAGEMENT ING Industrial Fund Fund Review 30 JUNE 2007 For personal use only ASIA / AUSTRALIA / EUROPE / NORTH AMERICA / UK FUND REVIEW ING INDUSTRIAL FUND Directory ING Industrial Fund ARSN 089 038 175 Responsible Entity of ING Industrial Fund ING Management Limited ABN 15 006 065 032 AFS Licence No. 237 534 Registered offi ce Level 6, 345 George Street Sydney NSW 2000 T (+61) 2 9033 1035 F (+61) 2 9033 1059 E [email protected] I www.ingrealestate.com.au/investment Unit registry Link Market Services Limited Level 12, 680 George Street Sydney NSW 2000 Postal address: Locked Bag A14 Sydney South NSW 1235 Investor services Toll free 1300 653 497 T (+61) 2 8280 7057 F (+61) 2 9287 0303 E [email protected] Investor enquiries Paul Toussaint Doug Auchterlonie Chief Executive Offi cer Chief Investment Offi cer ING Industrial Fund ING Industrial Fund T (+61) 2 9033 1005 (+61) 2 9033 1030 For personal use only The ING Industrial Fund is listed on the Australian Stock Exchange (ASX). Its stock code is IIF. Document published: 28 August 2007 PAGE 1 ROSEHILL INDUSTRIAL ESTATE, AUSTRALIA HARCOURT BUSINESS PARK, AUSTRALIA 239 CHRISLEA ROAD, CANADA BRIESELANG DISTRIBUTION CENTRE, GERMANY DOCKSIDE BUSINESS PARK, AUSTRALIA ALBERTA PARK II, CANADA For personal use only ING INDUSTRIAL FUND CREATING VALUE CREATING FUND REVIEW FUND REVIEW ING INDUSTRIAL FUND Contents ING Real Estate 4 Fund summary 5 Management profi le 6 Key results 8 Key achievements 9 New investments 10 Development 15 Leasing 18 Capital management 20 Financial statements 22 Portfolio summary 26 Fund activity post 30 June 2007 29 Property portfolio 30 Glossary of terms 84 For personal use only PAGE 3 FUND REVIEW ING INDUSTRIAL FUND ING Real Estate ING Real Estate is a global real estate company, active in real estate investment management, development and fi nance. With a total business portfolio of over A$160 billion and offi ces in 21 countries across Europe, North America, Asia and Australia, ING Real Estate ranks among the world’s largest real estate ING Industrial Fund companies. ING Real Estate is part of ING Group, a global fi nancial institution of Dutch origin offering banking, insurance and asset management ING Industrial Fund (IIF) is a publicly listed property to over 60 million private, corporate and trust in Australia and is included in the S&P/ASX 100 institutional clients in more than 50 countries. index. IIF invests in prime industrial properties and business parks in key global markets. The Fund’s “To be the leading provider of operations include property investment, property innovative real estate solutions development and property services. that exceed our customers’ expectations – globally as well As at 30 June 2007, the Fund owns a highly as locally“. diversifi ed portfolio of 547 industrial properties across Australia, Canada and Western Europe. In Australia, ING Real Estate manages property on With total assets of $5.6 billion, the Fund is behalf of over 60,000 investors. Main activities Australia’s largest listed industrial trust. include funds management, property and asset management, and development. The Responsible Entity for the Fund is ING Management Limited. Operations span global real estate markets and encompass all major property sectors - offi ce, industrial, retail, seniors and student housing, “Our mission is to provide investors entertainment and healthcare. with highly competitive investment returns through astute acquisition, development and management of prime industrial properties and business parks in key global markets.” IIF is a pure real estate investment vehicle, with over 95% of its income derived from rents. The Fund has an active development pipeline in Australia and Canada, which delivers signifi cant volumes of accretive new products each year. In 90% of the markets IIF invests in, IIF is the sole For personal use only industrial vehicle. Tenants are predominately lower risk industry sectors such as logistics, consumer durables and fast moving consumer goods (FMCGs). IIF’s senior management in Australia comprises a dedicated and stable team of industrial property professionals, with over 100 years of relevant industry experience. CREATING VALUE FUND REVIEW ING INDUSTRIAL FUND Fund summary The Fund is a full service industrial space provider in Australia, Canada and Europe, based on a operating model of “develop, own and manage”. IIF’s strategy is to invest in well located industrial properties in key global markets, focussing on assets that demonstrate potential for income and capital growth over the medium to long term. In considering future investments, Management will focus on properties which further diversify the Fund’s portfolio by location, tenant, lease maturity and rent review type. The objective is to enhance earnings growth and capital security. The Fund’s portfolio comprises a substantial development pipeline to cater for the expansion requirements of IIF’s customer base and attract new companies to IIF’s property portfolio. With this strategy, the Fund achieves higher investment yields, lower acquisition costs, newly constructed quality buildings with long term leases and improved taxation benefi ts. IIF will continue to actively manage its portfolio to enhance the Fund’s income stream wherever possible. Key Financial Data as at 30 June 2007 as at 30 June 2006 Distributions (cents per unit) 16.65 15.50 Annualised yield on closing price 7.1% 7.0% Net asset backing per unit $2.25 $2.08 Market capitalisation $2,591m $1,955m Total assets (look through) 1 $5,572m $2,864m Gearing ratio (debt to total assets) 36% 32% Units on issue 1,107,352,976 876,659,200 Portfolio Overview as at 30 June 2007 Australia Canada Europe Total Number of properties 63 467 17 547 Total lettable area (sqm) 2 1.75m 3.26m 0.53m 5.54m Total number of tenants 248 > 2,340 11 >2,600 Weighted average lease term to expiry (by income) 5.4 4.1 6.6 5.0 For personal use only Property assets $2.69bn $1.98bn $0.61bn $5.28bn Occupancy 98% 96% 100% 98% 1 Look through basis 2 Excludes development projects under construction PAGE 5 FUND REVIEW ING INDUSTRIAL FUND Management profi le Key Business Units ING Industrial Fund Organisation Chart Paul Toussaint Chief Executive Officer ING Industrial Fund Tax Accounting,Treasury & Legal Trust Management Acquisitions Property Services Development Management Jenny Saliba David Hunt Tim Lewis Robert MacKay Director Doug Auchterlonie David Foster Chief Financial Officer hief Investment Officer Global Acqusitions Manager Director Director Capital Transactions & Taxation Industrial Property Services Industrial Development Facilities/Property Management / CB Richard Ellis - Australia 20 dedicated management staff across NSW,VIC & QLD, comprising: Property Managers, Building Supervisors,Trust Accounting Personnel, Support Staff, and Building Services Engineers. CANADA: Asset Management Kathy Harder Will Rowson ING Summit Head of Acqusitions - Canada Head of Acqusitions - Europe Industrial Asset and Property Managers located in 8 ING Summit ING Real Estate principal markets across Canada. ING Summit - Canada ING Real Estate Investment Management EUROPE: Asset Management Canadian Acquisitions Team European Industrial Acquisitions Team ING Real Estate Investment Management Industrial Acquisitions Managers Industrial Acquisitions Managers European Industrial Asset Management team located operate in all provinces. throughout 7 countries, based in Brussels, throughout 7 countries, based in Brussels, Frankfurt, Frankfurt, Madrid, Milan, Paris, Prague Madrid, Milan, Paris, Prague and The Hague. and The Hague. GREAT NORTHERN DISTRIBUTION CENTRE, SPAIN MOOREBANK BUSINESS PARK, AUSTRALIA For personal use only CREATING VALUE FUND REVIEW ING INDUSTRIAL FUND Senior Management Team - ING Industrial Fund The Fund’s senior management team is characterised by its stability and depth of experience. The fi ve Australian executives represent over 100 years of industry experience, with an average tenure within ING greater than eight years. PAUL TOUSSAINT CHIEF EXECUTIVE OFFICER, ING INDUSTRIAL FUND Paul has over 22 years experience in the property and funds management industry. He holds an Associate Diploma in Valuation, is a qualifi ed Valuer, an Associate of the Australian Property Institute and an Affi liate Member of the Securities Institute of Australia. Paul is responsible for the management and administration of ING Industrial Fund, including determination of investment strategies, fi nancial management and forecasting and investor relations. DOUG AUCHTERLONIE CHIEF INVESTMENT OFFICER Doug has over 20 years experience in the property and funds management industry, including 14 years with ING Real Estate and its predecessor funds. He holds a Bachelor of Property Administration and a Diploma of Business and Administration. Doug is responsible for the daily operation, management and marketing of the Fund, including all fi nancial, reporting and administrative functions. TIM LEWIS DIRECTOR , INDUSTRIAL PROPERTY SERVICES Tim has over 19 years experience in the property industry, fi ve of that within the ING Industrial Fund. He holds a Bachelor of Business (Land Economy), is a qualifi ed Valuer and is an Associate of the Australian Property Institute. Tim is responsible for the overall management of the Fund’s Asset Management team, which includes tenant relations and lease management. ROBERT MACKAY DIRECTOR, INDUSTRIAL DEVELOPMENT Robert has over 20 years experience in the property industry, including 13 years with
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