/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 18 /CNW/ - ING Summit Industrial Fund LP (the "Industrial
Fund") announced today that, in response to a request from its equity
investors, it intends to divest of certain non-core properties from its
Canadian light industrial portfolio. The properties slated for sale are
situated in a number of markets across Canada.
Proceeds from successful dispositions will be applied in part to repay
debt secured by the properties that are disposed of. Remaining proceeds may be
utilised to further reduce the Industrial Fund's outstanding debt or be
distributed to the Industrial Fund's equity investors, depending upon capital
management priorities at the time of sale completion.
The Industrial Fund's light industrial portfolio is one of the largest in
Canada with over 34 million square feet of leaseable area, and facilities
located in all major industrial markets in Canada. The portfolio provides
excellent risk diversification with approximately 3,000 tenants and a
substantial presence in 5 major urban centers within Canada. No single tenant
represents more than 3% of the portfolio's revenue.
The Industrial Fund's senior unsecured debentures are currently rated BBB
by Dominion Bond Rating Service ("DBRS"). A credit rating in the BBB category
is generally an indication of adequate credit quality as defined by DBRS. A
rating outlook, expressed as a positive, stable or negative trend, provides an
opinion regarding the likely direction of any medium term rating actions.
For further information:
For further information: Doug Auchterlonie, Telephone (416) 907-4788,