Goodman Consortium Announces Recommended Offer to Acquire the ING Industrial Fund (IIF)

By Goodman Group, PRNE
Sunday, January 2, 2011

BRUSSELS, January 3, 2011 - Goodman Group (Goodman) and its three global investors (the Consortium)
today announce that they have made a cash offer to acquire 100% of the
ordinary units in ING Industrial Fund (the Offer). An Implementation
Agreement (the Implementation Agreement) has today been signed with ING
Management Limited (IML) as responsible entity of the ING Industrial Fund


    - The offer relates to a portfolio of prime logistics assets valued at
      approximately EUR1.8 billion (A$2.5 billion). There are 60 properties
      in total; 44 in Australia and 16 in Europe. The European properties in
      Germany, Spain and Belgium are valued at approximately EUR200 million.
    - The Consortium, led by Goodman, consists of Canada Pension Plan
      Investment Board (CPPIB), All Pensions Group (APG) and China Investment
      Corporation (CIC).
    - The Independent Directors of IML have unanimously recommended that IIF
      unitholders vote in favour of the Scheme, in the absence of a superior
      proposal and subject to an independent expert concluding that the
      Scheme is in the best interests of IIF unitholders.
    - Goodman will be appointed as the fund, asset and property manager on
      terms consistent with its other managed funds.

Goodman Trust Australia

If the Scheme is approved, the Consortium will acquire the Units through
a newly established investment vehicle, GTA. GTA will be an unlisted, special
purpose investment vehicle with a mandate to hold the IIF portfolio and
enhance it by developing IIF's existing development pipeline.

The Consortium has obtained binding commitment letters from a syndicate
of banks for a new A$1.1 billion debt facility.

European Portfolio

There are 16 European properties in the IIF portfolio totalling 509.089
sqm. Eleven of the properties are in Germany (367.091 sqm), with most of the
properties located in the Bremen and Berlin area. The four assets in Spain
(121.601 sqm) are located in the Madrid region and the property in Belgium
(20.397 sqm) is in Puurs, which is between Antwerp and Brussels.

About Goodman:

Goodman Group is an integrated property group with operations throughout
Australia, New Zealand, Asia, Continental Europe and the United Kingdom.
Goodman Group, comprised of the stapled entities Goodman Limited and Goodman
Industrial Trust, is the largest industrial property group listed on the
Australian Securities Exchange and one of the largest listed specialist fund
managers of industrial property and business space globally.

Goodman's global property expertise, integrated own+develop+manage
customer service offering and significant fund management platform ensures it
creates innovative property solutions that meet the individual requirements
of its customers, while seeking to deliver long term returns for investors.

About Canada Pension Plan Investment Board

The Canada Pension Plan Investment Board (CPPIB) is a professional
investment management organisation that invests the funds not needed by the
Canada Pension Plan (CPP) to pay current benefits on behalf of 17 million
Canadian contributors and beneficiaries. In order to build a diversified
portfolio of CPP assets, the CPPIB invests in public equities, private
equities, real estate, inflation-linked bonds, infrastructure and fixed
income instruments. Headquartered in Toronto, with offices in London and Hong
, the CPPIB is governed and managed independently of the Canada Pension
Plan and at arm's length from governments. At September 30 2010, the CPP Fund
totalled C$138.6 billion of which C$4.2 billion is invested in private equity
funds, infrastructure and real estate assets in the Asia Pacific region.

For more information about the CPPIB, please visit their website.

About APG

All Pensions Group (APG) is the manager of APG Strategic Real Estate Pool
(the Pool). The Pool is a pooled investment vehicle established in the
, in which investments, in both Australia and other countries, are
held for the purpose of collective investment. With assets under management
of approximately EUR265 billion (as at 30 September 2010) APG is one of the
world's largest institutional investors.

About CIC

China Investment Corporation (CIC) is an investment institution
established under the Company Law of the People's Republic of China on
September 2007. It seeks stable and long term risk adjusted financial return
and it is operated strictly on a commercial basis.

For more information about CIC, please visit their website.

    For further information, please contact Goodman:

    Danny Peeters
    Chief Executive Officer
    Goodman Continental Europe
    Tel: +32-2-263-40-00

Danny Peeters, Chief Executive Officer, +32-2-263-40-00

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