BASIS POINT-ING Industrial Fund secures A$325 mln loan

SYDNEY, April 17 (Reuters Basis Point) - Australia's ING
Industrial Fund IIF.AX has secured a A$325 million ($307
million) equivalent top-up loan after the global credit crisis
forced it to give up on other types of funding, sources said.

Australia & New Zealand Banking Group (ANZ.AX), ING Bank
(ING.AS) and Westpac Banking Corp (WBC.AX) will fund the
three-year revolving credit, which will be used to refinance
maturing debt and for general funding purposes.

The property fund last October announced plans to raise
A$1.8 billion. It secured A$1.46 billion of loans through ANZ,
Deutsche Bank (DBKGn.DE) and JP Morgan (JPM.N), and had looked
to raise the rest through other debt options.

The credit crunch however closed off those options.

The new deal is priced at 100 basis points (bp) over BBSY,
banking sources said, nearly double the 57.5 bp ING Industrial
paid in December. It is denominated in Australian, Canadian and
U.S. dollars as well as euros.

IIF, currently unrated, is the largest industrial property
trust listed in Australia with an asset portfolio of over A$5.5
billion in Australia, Canada and Europe.
($1=A$1.06)
(Reporting by Sharon Klyne)