ING Summit Industrial Fund LP intends to make certain senior management changes in the new year, the fund announced Tuesday.

On Jan, 15, 2009, Paul Dykeman, CEO, Craig Newell, CFO, Lou Maroun, executive chairman, Kathy Harder chief investment officer, and Jon Robbins, Sr. vp, research and analysis. will be leaving their positions by mutual agreement with the fund’s manager, ING Real Estate Canada.

The fund will continue to be managed by ING Real Estate Canada. ING Real Estate is one of the world’s largest property organizations, managing global assets exceeding 100 billion euros in Asia, Australia, Canada, Europe, the UK, the U.S. and Mexico. The firm’s global industrial portfolio exceeding 190 million square feet and an additional 36 million square feet under development.

The role of CEO has been offered to Doug Auchterlonie, chief investment officer of ING Industrial Fund, a listed trust on the Australian Stock Exchange.

The fund says ING Real Estate Canada benefits from a deep pool of skilled real estate professionals including Robert Pike, Claude Meunier, Kimberley Hill and Ross Drake who will continue to lead the team of 190 employees managing the fund and its national portfolio of light industrial properties. Following the changes, internal promotions are anticipated.

Commenting on the changes, Robert Houston, global CEO of ING Real Estate Investment Management said, “I would like to thank Paul and his team for their contribution since the privatization of Summit REIT in 2006, and wish them well for the future.”

The fund’s light industrial portfolio is one of the largest in Canada with approximately 34 million square feet of leaseable area and approximately 10 million square feet of additional space under development.

Over 92% of the gross leaseable area is located in Toronto, Edmonton, Montreal, Calgary and Halifax. Approximately 43% of the portfolio’s assets are located in Toronto. Approximately 28% of the portfolio’s assets are located in Alberta. No single tenant represents more than 3% of the portfolio’s revenue.

IE