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ING Property Trust successful in Urbus takeover bid

Friday 24th June 2005

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Following its full takeover offer for Urbus Properties Limited, ING Property Trust Holdings Limited has announced it has received acceptances representing more than 90% of the ordinary shares of Urbus.

As a result of reaching this threshold, ING Holdings will now proceed to compulsorily acquire all outstanding Urbus securities under the Takeovers Code, ensuring a full merger of Urbus and ING Property Trust.

Chairman of ING Property Trust Management Limited, Mike Smith, said he was delighted the takeover had been successful, as all unitholders would now benefit from the increased size and scale achieved through combining the two already complementary property portfolios.

"The combined group will be able to participate in more significant, and a greater number of, investment opportunities, with the potential to lead to increased earnings and higher returns for all unitholders," he said.

Smith said that the growth in ING Property Trust, since its establishment in 2002 had been phenomenal, resulting in a transformation of the formerly 'boutique' Trust into one of the country's leading listed property investment vehicles.

He also acknowledged the support of the Urbus board in respect of the offer process.

Once merged, the Trust is expected to be the second-largest listed property vehicle in New Zealand by market capitalisation, and is also likely to rank in the top 30 stocks listed on the NZSX50.

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