ING Office Fund announces annual results (AU/NL)

ING Real Estate has announced the annual results of ING Office Fund, a public property trust listed on the Australian Stock Exchange and managed by ING Real Estate. The ING Office Fund reported a net profit of AUD 572.7 million (€359.7m) for the year ended 30 June 2007.

Key achievements for the year were:

  • Delivering a total return of 32.8%.
  • An increase in property values of AUD 419 million (EUR 263 million) resulting in a 24% increase in the Fund's net asset value per unit.
  • Maintaining a high occupancy rate of 96%.
  • The acquisition of further quality investments in Europe, diversifying the portfolio across three continents and five countries. Among which, the Fund acquired a 20% interest in the ING Dutch Office Fund for EUR 267.7 million (AUD 446m).
  • A substantial reduction of the environmental footprint of the assets owned and managed through reductions and active management of energy, water and waste usage.

Commenting on the results, ING Office Fund CEO Tino Tanfara said, "Strategic decisions made over the past few years, together with the disciplined re-positioning and enhancement of the property portfolio to some of world's leading office markets, is starting to pay dividends. The results have been growth in both underlying earnings and distributions for the year, in short, delivering on strategy."

ING Office Fund, a publicly traded property trust (REIT) on the Australian Stock Exchange, invests in key global office markets and has assets in excess of AUD 3.5 billion (€2.2bn) spread across some of the world's premier office markets in Australia, US and Europe.

Source: ING Real Estate

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