The largest of the ING-managed trusts, ING Office Trust , yesterday joined the capital raising stampede, seeking $415 million to replenish its balance sheet and to give it relief from debt repayment until 2012.

The trust, which owns assets on three continents, is offering a 15% discount in a rights issue, pricing the new units at 45c each.

It will raise at least $300m through a $90m placement and a two-for-five fully underwritten non-renounceable entitlement offer ($210m) from institutional investors.

The balance of $115m is reserved for retail investors.

The Australian