ING Real Estate Completes Summit REIT Acquisition

Summit REIT announced on August 30, 2006 it would support an offer being made by ING Real Estate Canada Trust, a subsidiary of ING Real Estate BV and ING Industrial Fund (an Australian mutual fund), to acquire all of the issued and outstanding trust units of Summit at a cash price of $30.00 per unit. The total value of the transaction, including the existing debt of Summit, is approximately $3.3 billion.

On October 12, 2006, ING announced that it had acquired approximately 84 per cent of the outstanding units of Summit under the terms of the offer resulting in ING's successful takeover bid in which they now own approximately 89 per cent of the outstanding units of Summit. ING indicated its intention to acquire the remaining units in early 2007.

As one of Canada's largest real estate investment trusts, Summit owns a portfolio of high-quality properties containing approximately 33 million square feet of leaseable space focused primarily on the light industrial segment of the Canadian real estate market.

ING Real Estate is an international real estate company active in investment management, development and finance. With a total business portfolio of €75 billion and offices in 17 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 more than 60 million private, corporate and institutional clients in more than 50 countries.

ING Real Estate was represented by Stikeman Elliott LLP with a team that included Simon Romano, Stacey Hoisak, Sean Vanderpol and Jonathan Weisstub (securities and M&A), John Lorito (tax), David Ehrlich and Corinne Pruzanski (real estate), Lewis Smith, Gwen Cheung, Jill Lankin and Meaghan Obee Tower (banking), and Paul Collins and Debbie Salzberger (Investment Canada and competition).

Summit was represented by Matthew Angus, general counsel, Summit REIT and by Goodmans LLP with a team that included Lawrence Chernin, Michael Partridge, Paolo Berard and David Nathanson (corporate/M&A), Maureen Berry (tax), Joel Schacter (Investment Canada) and Richard Annan (competition). Leigh Brown of Minter Ellison in Sydney, Australia provided advice to Summit with respect to Australian securities laws.

A portion of the purchase price was funded by a syndicated interim term credit facility with Royal Bank of Canada acting as administrative agent and RBC Capital Markets acting as lead arranger. Royal Bank of Canada and RBC Capital Markets were represented by McMillan Binch Mendelsohn LLP with a team that included Paul Avis, Cheryl Stacey and Kathy Martin (banking), Neil Campbell (Investment Canada) and Rosalyn Wallace and Andrea Onn (real estate).


David Ehrlich John G. Lorito Michael Partridge A. Neil Campbell Maureen Berry Paul Collins Cheryl A. Stacey Deborah Salzberger Meaghan Obee Tower Rosalyn Wallace Andrea L. Onn Lewis T. Smith Lawrence S. Chernin Paul J. Avis Richard Annan Kathy A. Martin Joel S. Schachter Sean Vanderpol David Nathanson Gwen Cheung Simon A. Romano Jill Lankin G. Paolo Berard Corinne Pruzanski Stacey Hoisak