KingSett/AIMCo JV company to acquire ING Summit Industrial Fund LP and its
Manager

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Aug. 26 /CNW/ - ING Summit Industrial Fund LP ("Summit") announced today that its limited partners, ING Industrial Fund of Australia and Netherlands-based ING Group, have entered into a definitive agreement to each sell their 50% partnership interests to a joint venture company between KingSett Capital Inc. ("KingSett") and Alberta Investment Management Corp ("AIMCo") that was established to purchase Summit.

As part of the transaction, KingSett/AIMCo will also acquire ING Real Estate Canada LP ("INGREC"), the manager of Summit, currently owned by ING.

Summit's Chief Executive Officer Doug Auchterlonie said, "We are pleased to have attracted such well established investors to acquire this unique real estate platform."

The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2010.

"Following a comprehensive sale process, the transaction with KingSett and AIMCo provides an excellent outcome for all of Summit's stakeholders including its limited partners and lenders as well as for INGREC's employees." said Christophe Tanghe, Head of Strategy for ING Real Estate Investment Management.

The transaction is not expected to have any impact on Summit's mortgages granted to Falcon Trust in respect of the offerings by Falcon Trust of commercial mortgage backed securities. However, following the closing of the transaction, the holders of Summit's senior unsecured 5.70% Series A debentures due November 10, 2011 and its senior unsecured 5.20% Series B debentures due March 1, 2012 can require Summit to repurchase their debentures for 101% of their principal amount plus any accrued interest. Summit's senior unsecured debentures are currently rated BBB with a Stable trend by Dominion Bond Rating Service.

TD Securities Inc. is acting as financial advisor and Stikeman Elliott LLP as legal advisor to the limited partners.

The KingSett / AIMCo joint venture engaged RBC Capital Markets as financial advisors and lead lender. Osler, Hoskin & Harcourt, Bennett Jones and Gowling Lafleur Henderson acted as legal counsel.

Summit is Canada's largest owner of light industrial property. It owns a portfolio of over 400 properties containing approximately 32 million square feet of gross leasable space and 751 net developable acres of land in major metropolitan areas across Canada.

INGREC is a full service investment management organization specializing in the investment management, asset management, property management and development of Canadian light industrial real estate. INGREC's 167 full time employees work in 7 offices located across Canada.

KingSett Capital is Canada's leading private equity real estate investment business co-investing with pension funds and high net worth individuals.

AIMCo is one of Canada's largest institutional investors. It manages about $70 billion of Alberta public sector pension and endowment assets, including a real estate portfolio valued in excess of $5 billion.

Forward-Looking Information Disclaimer

Certain statements in this news release, including but not limited to, the expected closing of the transaction disclosed herein as well as the effect of the transaction on Summit's mortgages granted to Falcon Trust in respect of the offerings by Falcon Trust of commercial mortgage backed securities, can be considered forward-looking information within the meaning of Canadian provincial securities laws and regulations. Readers are cautioned that such statements are subject to certain risks and uncertainties that could cause actual results, performance or achievements of Summit, or industry results, expressed or implied by such forward-looking statements to differ materially from those contained in such forward-looking statements. These risks and uncertainties include, but are not limited to regulatory requirements and other matters described in Summit's Management Discussion and Analysis for the year ended December 31, 2010 and Summits other regulatory filings available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. Summit undertakes no obligation to update publicly any forward-looking information, to reflect new information or the occurrence of future events or circumstances, except as expressly required by law.

SOURCE ING SUMMIT INDUSTRIAL FUND LP

For further information: For further information: Christophe Tanghe, +32 475 464647; Anneke van der Galiën, +31 70 341 91 26, anneke.van.der.galien@ingrealestate.com

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ING SUMMIT INDUSTRIAL FUND LP

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