KingSett/AIMCo close acquisition of ING Summit Industrial Fund LP and its
Manager

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 1 /CNW/ - ING Summit Industrial Fund LP ("Summit") announced today that its limited partners, ING Industrial Fund of Australia and Netherlands-based ING Groep N.V., have completed the previously announced sale of their respective indirect 50% partnership interests in Summit to Niagara Acquisition LP, a joint venture between KingSett Capital Inc. ("KingSett") and its affiliates and certain clients of Alberta Investment Management Corp ("AIMCo") that was established to purchase Summit. Additionally, KingSett/AIMCo acquired ING Real Estate Canada LP, the manager of Summit.

As part of the transaction, Summit has provided a notice of redemption to the registered holder of its (a) 5.70% senior unsecured Series A Debentures due November 10, 2011 (the "Series A Debentures"), and (b) 5.38% senior unsecured Series B Debentures due March 1, 2012 (the "Series B Debentures", and together with the Series A Debentures, the "Debentures").

All outstanding Debentures will be redeemed in accordance with the terms of the Trust Indenture governing the Debentures, at a redemption price (the "Redemption Price") equal to the Canada Yield Price (which has been determined to be C$1,038.81 per C$1,000 principal amount of Series A Debentures and C$1,046.66 per $1,000 principal amount of Series B Debentures) plus accrued and unpaid interest to the redemption date.

Summit has also made appropriate arrangements to obtain a legal release from the covenants of the Trust Indenture, by depositing cash with the Indenture Trustee to provide for the payment of the Redemption Price, including the premium and accrued and unpaid interest on the Debentures to the redemption date, which is December 1, 2010.

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 investment managers. It manages about $70 billion of Alberta public sector pension and endowment assets, including a real estate portfolio valued in excess of $5 billion.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. As of 30 June 2010, ING served more than 85 million private, corporate and institutional clients in more than 40 countries.

For further information:

Doug Auchterlonie
[phone]
[email protected]