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ING Property Trust gets OIC approval for Urbus offer

Media release

Tuesday 31st May 2005

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ING Property Trust has obtained approval from the Overseas Investment Commission (OIC) for its takeover of Urbus.

The Trust also says acceptances received under its offer in respect of Urbus ordinary shares now exceed 50%.

The Trust, through its wholly owned company ING Property Trust Holdings Limited, is making a full scrip takeover offer for all of the equity securities in Urbus Properties Limited. Under the offer, ING Property Trust Holdings Limited is offering 0.98 units in ING Property Trust for each Urbus share.

Chairman of ING Property Trust Management Limited, Mike Smith, said he was pleased that Urbus shareholders holding more than half of the shares in Urbus had accepted the offer and he urged those who had not yet accepted to do so.

"I am confident of reaching 90%. It is important that as many Urbus security holders as possible accept the offer to allow a full merger of Urbus and the Trust, and so that all investors can best benefit from it."

Smith said the independent advice received from consultants and external analysts has been overwhelmingly in support of the offer.

The closing date of the offer is 24 June 2005 (unless extended by the Trust).

The Urbus Board has recommended Urbus security holders accept the offer and each Director of Urbus has announced they will accept the offer in respect of those Urbus securities they own or control.

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