Trust renews and extends Biomed lease

New Zealand • 5 September 2007 For immediate release

INVESTMENT . INSURANCE . REAL ESTATE

www.ingnz.com

ING Medical Properties Trust renews and extends Biomed lease

ING Medical Properties Trust ("IMP") announced today that it has successfully renegotiated the Biomed Limited lease for Carrington Road, Pt Chevalier, Auckland. The restructured lease is for an eight-year term and has been negotiated and agreed well in advance of the actual March 2008 lease expiry date.

The early renewal of the lease reflects management’s proactive approach to lease and tenant management.

“The extended lease term, over and above the contracted renewal option period, is a great result for the Trust, with the lease now expiring in 2014 rather than 2012,” said David Carr, General Manager ING Medical Properties Limited.

The Trust has also finalised a two-year option agreement with Biomed for the possible expansion of the existing building to meet their growing business demands. The option, if taken, will provide the Trust with a 9.75% return on cost (land and buildings) upon practical completion.

“The lease renewal gives the Trust an additional two years’ contracted rental. However, if activated, the option agreement also provides for an added value opportunity that would produce a commercially favourable outcome to both parties,” said Mr Carr “Agreeing terms with ING Medical Properties Trust has provided a certainty that our business will continue to operate from the existing facility in the medium term. The option agreement gives us a structure on which we can now model business expansion opportunities, and it is good to see that the Trust will support our growth,” said Biomed Chairman, Graeme Hitch.

ENDS

© Scoop Media