INGENIA COMMUNITIES GROUP — Capital/Financing Update 2007

Dec 18, 2007

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ASX Announcement ING Real Estate Community Living Group (“ILF”)

19 December 2007

Solid debt and hedging position

ING Real Estate Community Living Group wishes to provide an update of the Fund’s current debt and hedging position. ILF’s debt facilities have an average term to maturity of 9.6 years, and 2% matures within the next 12 months.

The Fund’s current look-through debt to total assets is approximately 55%.

Debt Facilities

ILF has two principle sources of “on balance sheet” (BS) debt consisting of:

1. A secured domestic facility with a limit of $143million. Currently this facility is drawn to A$136million with an increased limit pending credit approval. The maturity date of this facility is Dec 2009.

2. A number of secured US loans associated with ILF’s US Student Housing Portfolio, currently fully drawn to A$109million. The average term to maturity of these loans is 12 years.

In addition, ILF has a number of secured debt facilities within its Joint Ventures in Australia, New Zealand, US & Canada. These facilities are secured by individual assets and total A$503million, currently drawn to A$489million.

A summary of ILF’s facilities is provided below:

ILF Debt Facility Summary	Limit	Drawn	Undrawn	Maturity
Current Position	$m	$m	$m	Date/s
Secured Bilateral Facility (VLL & Settlers100%)	143	136	7	Dec-09
SecuredMortgageFinance (CCVJV 27%)	22	14	8	Nov-08
Secured Mortgage Finance (Oaktree JV50%)	10	4	6	Jun08 to Dec-10
SecuredMortgageFinance (NZ90%)	16	16	-	May-09
Secured Mortgage Finance(US 100%)	109	109	-	Jan12 to Jan39
SecuredMortgageFinance (US JV 49% )	364	364	-	Aug15 toFeb22
SecuredMortgageFinance (CADJV50%)	91	91	-	Apr24to Jun33
	755	**734 **	21

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ING INDUSTRIAL FUND

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Debt Maturities

The following table summarises ILF’s maturity profile, demonstrating a material part of its debt matures beyond 12 months, and a staggered term to maturity spanning to June 2039.

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----- Start of picture text ----- ILF Debt Maturity Profile (FY)200150100500Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- > Jun08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 22Draw n facility(A$m)----- End of picture text -----

Hedging Positions

ILF has a conservative interest rate hedging position with 95% of total debt currently hedged for an average duration of 9.5years.

For further information, please contact:

Ian Muir Denise Cosmetatos Chief Executive Officer Senior Investment Manager ING Real Estate Community Living Group ING Real Estate Community Living Group ING Real Estate Investment Management ING Real Estate Investment Management T: +61 2 9033 1000 T: +61 2 9033 1000

About ING Real Estate Community Living Group

ING Real Estate Community Living Group is a publicly traded property trust (REIT) on the Australian Securities Exchange which invests in seniors and student housing in Australia, Canada, New Zealand and the United States and has total assets in excess of approximately A$1.4 billion. The portfolio consists of a 65% weighting to the United States, 21% to Australia, 12% to Canada and 2% to New Zealand.

About ING Real Estate

ING Real Estate is a global real estate company, active in real estate investment management, development and finance. With a total business portfolio of over A$160 billion and offices in 21 countries in Europe, America, Asia and Australia, ING Real Estate ranks among the world’s largest 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.

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