Acquisition: Apollo Health & Wellness Centre

New Zealand • 21 September 2007 Embargoed until 10.00 am Friday 21 September

INVESTMENT . INSURANCE . REAL ESTATE

www.ingnz.com

ING Medical Properties Trust acquires Apollo Health & Wellness Centre, Albany, Auckland

ING Medical Properties Trust (the ‘Trust’) today announced that it has unconditionally agreed to acquire the Apollo Health and Wellness Centre, a modern, integrated community healthcare facility on the corner of Apollo Drive and Rosedale Road, in the rapidly growing Auckland suburb of Albany. The $23 million off-market acquisition is a milestone for the Trust and the first significant passive acquisition the Trust has made in recent years.

The impressive two-level building, comprising 4,900 square metres of floor area and over 210 carparks, was designed by Jasmax Architects and is less than three years old. The property is 100% leased, with the largest tenant being Medical Centre @ Apollo, a family practice with 17 local GPs. Other tenants include radiology, ophthalmology, women’s health, physiotherapy, psychotherapy and audiology. The property has 19 tenancies, most of which are medical and health related. The property has a weighted average lease term of 8.3 years, with the majority of rentals subject to two-yearly rent reviews.

David Carr, General Manager of ING Medical Properties Limited (‘the Manager’) said, “The property meets the Trust’s key investment criteria of a modern high-quality development occupying a prominent site in a rapidly expanding suburban location. It also has a strong medical and healthcare tenancy mix, long weighted average lease term and provision for growth”.

The acquisition was negotiated directly between ING Medical Properties Limited, on behalf of the Trust, and the vendors, Dr Stuart Jenkins and Mr Rainer Plank. Mr Carr said, “Stuart and Rainer had a vision of creating a world-class community health facility catering for all medical and healthcare needs under one roof. They delivered that vision and it has been a resounding success, becoming a model that is now recognised both nationally and internationally”.

Dr Jenkins said, “We spent many years researching and consulting with health professionals, the community and wider market to understand the requirements and demands for community healthcare. We soon discovered that it needed to be more accessible and convenient, with multiple healthcare disciplines in one location. This would better service and cater for any busy family’s healthcare needs and provide an alternative to the already stretched public health system. The establishment of the Apollo Health and Wellness Centre met that demand and we have now proven that this model works”.

“It has been great to see the growth of the Apollo Health Centre and the support it has gained from both the community and the medical fraternity,” said Mr Plank. “It has been extremely satisfying and rewarding and we are positive that ING Medical Properties Trust will add significantly to the continued success of the Apollo Health and Wellness Centre”.

The property was purchased at a yield of 7.64%. Settlement will occur on 1 October 2007.

ENDS

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