HONG KONG, April 16 /Xinhua-PRNewswire/ -- ING Real Estate announced
today that it has signed a sale and purchase agreement to acquire an
industrial building in Kowloon Bay for a consideration of approximately
HKD220 million (USD28 million). The Chuan Hing Industrial Building will be
purchased on a yield of 3.8% and an average rental of HK$7 per square foot
compared with HK$8-10 for industrial buildings with similar building age in
the same district.
    "We are pleased that we have the opportunity to acquire an industrial
building with such good investment potential for both rental and capital
gain. The building will be thoroughly refurbished, actively managed, and is
set to benefit from the urban rejuvenation and transformation of Kowloon
Bay from an industrial district into an office hub," stated Dr. Robert Lie,
CEO of ING Real Estate Investment Management Asia.
    Kowloon Bay is currently undergoing a major facelift with the
construction of new Grade-A office buildings and two large-scale shopping
malls expected to start in mid-2007. The building will also enjoy long-term
capital growth potential with the redevelopment of the Kai Tak Airport
site, the largest remaining urban site in Hong Kong, which when completed
will transform the whole district into one of the Hong Kong's biggest
commercial, tourist and entertainment locations.
    Lie added, "A rejuvenated Kowloon Bay could strengthen the capital
growth performance of the Chuan Hing Industrial Building, and feasibly
allow its redevelopment into an office building or hotel in the long term."
    Located in Kowloon Bay, the Chuan Hing Industrial Building is about ten
minutes' walking distance from the Mass Transit Railway station (Hong
Kong's underground system) and is well connected to other public transport
networks. With a total gross floor area of 159,273 square foot, the
building is a 10- storey industrial/warehouse building with 7 lorry parking
spaces, 8 van parking spaces, loading and unloading space on the ground
floor.
    ING Real Estate is an international real estate company active in real
estate investment management, development and finance. With a total
business portfolio of USD120 billion and offices in 21 markets in Europe,
North America, Asia and Australia, ING Real Estate 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.
    Press enquiries:
    Karen Williams
     Tel:   +852-9106-1350
     Email: karen.williams@ap.ing.com

    Tony Wong
     Tel:   +852-6687-7852
     Email: tony.wong@ap.ing.com

    Wieger Sietsma
     Tel:   +31-70-3418474
     Email: wieger.sietsma@ingrealestate.com

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