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ING buys from PFI

Thursday 10th July 2008

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ING Property Trust agreed to buy an industrial property from Property For Industry for $17 million.

The site, in the Albany industrial area of north Auckland, is leased to Amcor Packaging for nine years, ING said in a statement. The acquisition will provide a rental return of 8.4%, boosting returns for ING unit-holders immediately, it said. A rent review scheduled for November is expected to boost the return to 8.7%.

ING owns three adjacent industrial properties and said the latest acquisition will give it an overall landholding valued at NZ$58.5 million.

ING fell 1.2% to 84 cents. Property For Industry, which is managed by AMP Capital Investors, fell 0.9% to $1.16.

By Jonathan Underhill

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