IIF leasing success continues

ING Industrial Fund has leased over 200,000 sqm of space in its Canadian portfolio for the March 2007 quarter.

IIF’s development activity in Australia continues to increase, whilst the portfolio in Canada has experienced another active period in terms of leasing and acquisition activity.

During the March quarter in Australia, development completions totaled 66,400 sqm and IIF received commitments for new industrial facilities totalling 64,200 sqm.

Overseas, the fund recorded leasing activity in Canada exceeding 200,000 sqm and acquired new investments with a combined value of CAD 99 million ($A106 million).

The fund also bought two properties in Spain for €34.8m ($A58 million).

IIF said it is well placed to achieve or exceed its leasing and development targets for its Australian pipeline in FY07, whilst the estimate for development completions in FY08 has been revised upward significantly to 180,000 sqm, a 50% increase on FY07 forecast completions.

Current development activity for the Canadian portfolio will result in over 130,000 sqm of new facilities being completed in CY07.

Australian Property Journal