ING Real Estate has announced the annual results of ING Office Fund, a public property trust listed on the Australian Stock Exchange and managed by ING Real Estate. The fund reported a net profit of AU$ 572.7 mln (EUR 359.7 mln) for the year ended 30 June 2007. The fund delivered a total return of 32.8%. Net asset value per unit rose by 24% from $1.39 to AU$1.73. ING RE added the fund's real estate has maintained an occupancy rate of 96%.
ING Real Estate has announced the annual results of ING Office Fund, a public property trust listed on the Australian Stock Exchange and managed by ING Real Estate. The fund reported a net profit of AU$ 572.7 mln (EUR 359.7 mln) for the year ended 30 June 2007. The fund delivered a total return of 32.8%. Net asset value per unit rose by 24% from $1.39 to AU$1.73. ING RE added the fund's real estate has maintained an occupancy rate of 96%.
'Strategic decisions made over the past few years, together with the disciplined re-positioning and enhancement of the property portfolio to some of world's leading office markets, is starting to pay dividends. The results have been growth in both underlying earnings and distributions for the year, in short, delivering on strategy,' said ING Office Fund ceo Tino Tanfara.
ING Office Fund, a publicly traded property trust (REIT) on the Australian Stock Exchange, invests in key global office markets and has assets in excess of AU$ 3.5 bn (EUR 2.2 bn) spread across some of the world's premier office markets in Australia, US and Europe.
