ING Industrial Fund’s equity capital raising and capital management initiatives

Date Announced:

ING Industrial Fund

Closed – 11/2009

A$700 million Read the case study

Financial advisor to ING Industrial Fund on its A$700 million equity capital raise and capital management initiatives

On November 27, 2009 ING Industrial Fund (ASX:IIF), an externally managed ASX listed real estate investment trust that develops, owns and manages a diversified portfolio of over 60 industrial properties and business parks, completed an A$700 million equity capital raise to pay down debt and restructure its balance sheet as the second stage of its capital management initiatives. The equity raise was comprised of a one for one A$544 million accelerated non-renounceable entitlement offer and an A$156 million institutional placement. The transaction reduced pro forma balance sheet gearing to 33.5% from 53.9% and provided a calendar year 2010 earnings yield of 8.7% on the offer price. Moelis & Company acted as financial advisor to ING Industrial Fund.

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