ING Property Trust Announces New Viaduct Leases

ING Property Trust announces new Viaduct leases

ING Property Trust (the "Trust") today announced two new 12-year leases in the Old City Markets building in Auckland's Viaduct Harbour precinct. The transactions increase the weighted average lease term of the Trust's portfolio from 4.7 to 4.9 years.

The new leases over a total of 3,200 sqm, cover all of the space due to be vacated by GE in April 2008 and are with two blue chip tenants, one of which is the National Institute of Water and Atmosphere Research (NIWA).

ING Property Trust Management General Manager Peter Mence said he was pleased to have the space committed so early and to tenants of such quality. "It is particularly pleasing to have been able to meet the accommodation requirements of NIWA, an existing tenant of the Trust."

NIWA currently occupies premises on the corner of Khyber Pass and Mountain Road in Newmarket, Auckland and has done so for the past 12 years. In July 2008, NIWA will relocate to the Trust's Old City Markets building at Market Place near the Viaduct basin.

Chief Executive of NIWA John Morgan said, "NIWA's activities in water and atmosphere research, and its associated services, are growing in the Auckland region. The new location allows us to provide a quality work environment for staff with excellent public transport connections and close proximity to many of our existing customers.

NIWA has had an excellent relationship with ING Property Trust, which we are pleased to continue." The second 12-year lease is to a blue chip NZX listed entity whose identity is currently confidential. They are a new tenant for the Trust.

ENDS

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