INGENIA COMMUNITIES GROUP — Capital/Financing Update 2006

Dec 4, 2006

ASX Announcement ING Real Estate Community Living Fund ("ILF")

5 December 2006

Acquisition of interest in Rockhampton Retirement Village site

ING Management Limited, as Responsible Entity of ING Real Estate Community Living Fund ("ILF" or "the Fund") is pleased to announce the Country Club Joint Venture (in which ILF has a 27% interest) has acquired a site on the corner of German Street and Rosewood Drive, North Rockhampton, Queensland.

Zoned residential, the site is an unimproved infill development site surrounded by quality residential housing. The site comprises a land area of approximately 6.51 hectares and is estimated to be capable of vielding approximately 160 independent living units and apartments, subject to town planning approval. This development will be developed under the deferred management fee ("DMF") model.

Rockhampton is situated on Oueensland's largest river, the Fitzroy, and lies 40 kilometres inland from the Capricorn Coast beaches. Rockhampton's population is approximately 60,000, and the total population for the greater Rockhampton district is 100,000. Rockhampton has a thriving commercial and business centre surrounded by significant mining and rural industries.

Circa 11.6% of the Rockhampton population was over the age of 65 at the 2001 census. By 2026, this senior's population is forecast to reach 19.8%.

The site was purchased at auction with ILF's 27% share equating to a total value of A\$1.54 million. The settlement term is 60 days. The acquisition will be 100% debt funded within the joint venture.

ILF Fund CEO Ian Muir said "we are confident that this development will be very well received by the Rockhampton seniors market. The area is currently serviced by a limited supply of rental and low end DMF product only, so this has been a strategic acquisition for CCV."

Stewart Gull, Director of Country Club Villages said "Most other towns of this size in Australia have an upmarket Retirement Village, so we have been fortunate enough to secure a site in a niche market."

The CCV portfolio currently comprises a total of 396 completed units and 1,100 proposed or under construction.

For further information, please contact:

Hugh Thomson Chief Executive Officer ING Real Estate Investment Management Australia $T: +61290331007$

Ian Muir Chief Executive Officer ING Real Estate Community Living Fund $T: +61290331019$

About ING Real Estate Community Living Fund

The ING Real Estate Community Living Fund is a publicly listed property trust which invests in seniors and student accommodation. Since ING Real Estate assumed management of the Fund in July 2005, the fund has broadened its portfolio base by location, tenant and asset type and is now geographically diversified across Australia, the United States and New Zealand. The Fund presently has total assets in excess of A\$1 billion.

About ING Real Estate

ING Real Estate is an international real estate company active in investment management, development and finance. With a total business portfolio of over A\$130 billion and offices in 21 countries in Europe, America, Asia and Australia, ING Real Estate ranks among the world's strongest real estate companies.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.