Unconditional sale of Biomed property

REAL ESTATE
PRESS RELEASE
Auckland, 1 July 2009
IMP announces unconditional sale of Biomed property

ING Medical Properties Limited (IMPL), the Manager of ING Medical Properties Trust (NZX:IMP) announced today that it has unconditionally sold its smallest freehold property, located at 52 Carrington Road, Pt Chevalier in Auckland. The property is tenanted by Biomed Limited.

The sale is part of the Manager’s considered portfolio and capital management strategy that takes into account the sale of the Trust’s lower value, non-core property assets. The sale price achieved was approximately 5% below the 30 June 2008 asset valuation.

The sale is expected to settle in August 2009 and the proceeds will be used to repay debt, further strengthening the Trust’s balance sheet. On settlement the Trust’s gearing will reduce to approximately 34.6% (assumes post Thames Street settlement).

David Carr, General Manager of IMPL said “the Manager will continue to consider the sale of other lower value or non-core property assets over the medium term as part of the Trust’s ongoing capital management strategy”.

ENDS

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