SINGAPORE, Feb. 6 /Xinhua-PRNewswire/ -- ING Real Estate Investment
Management today announced that its IP Property Fund Asia has acquired an
office building in Hong Kong for HK$528 million (US$68 million).
    The property in question is known as 410 Kwun Tong Road, a 25-storey tall
office building with retail and car parking facilities, located in the eastern
part of Kowloon district -- an area that has evolved over the last ten years
from being an industrial neighbourhood to a vibrant location for retail and
commercial activities.
    410 Kwun Tong Road, completed in March 2002, is currently 99% occupied.
The largest tenant is the government of the Hong Kong Special Administrative
Region, taking up 60% of total office space of 13,620 square metres.
    The IP Property Fund is a private fund managed by ING Real Estate and
CapitaLand from Singapore.  The fund currently owns a portfolio of office,
retail, service apartments and residential units in Singapore, Hong Kong,
Malaysia and Thailand.
    This is IP Property Fund's third acquisition in Hong Kong and the second
investment in the office sector.  In 2004, it purchased one whole floor of
Harcourt House for lease.
    Mr Yeap Soon Ann, Director of IP Real Estate Asset Management which
manages IP Property Fund said, "We are very positive on the outlook for 410
Kwun Tong Road.  Firstly, it is located in an area that is enjoying
significant rejuvenation, led by the development of the mega-complex
Millennium City.  It has a strategic location within the area, being directly
in the flow of pedestrian traffic towards Millennium City.  Further, as we
plan to make improvements to the building, we should be able to capture
positive rent revisions -- to levels more in line with the market -- when
leases come up for renewal next year."
    ING Real Estate is an international real estate company, active in real
estate investment management, development and finance.  With a total business
portfolio of USD77 billion and offices in fifteen countries in Europe, the
United States, Asia and Australia, the company ranks among the world's
strongest real estate companies.
    ING Real Estate is part of ING Group, a global financial institution of
Dutch origin offering banking, insurance and asset management to over 60
million private, corporate and institutional clients in more than 50
countries.

    Contact:

     Ms Schutz Lee
     Email: schutz.lee@ingrealestate.com
     Tel:   +65-6536-2322

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