ING aims at E1bn with new real estate fund
NETHERLANDS - ING says it is aiming at one billion euros with a new real estate fund targeting retail properties in France and Belgium
ING Real Estate Investment Management, the world's third largest real estate asset manager, has launched the ING Retail Property Fund France Belgium, a non-listed real estate fund.
ING says that by the end of 2006, the fund will be “built out” to a target size of one billion euros. It currently has a value of 320 million euros.
The closed-end fund, launched at the beginning of January, has a portfolio that includes seven large shopping centres, six in France and one in Belgium, is to have a 10-year life.
By that date, the portfolio is expected to include about 20 shopping centres in large cities.
The fund, the company said, has so far “ attracted interest from Dutch and international institutions”.
The group, which has 29 funds in Asia, Australia, the US and Europe has 40 billion euros in property assets under management and is a member of the European Association for Investors in Non-listed Real Estate Vehicles, INREV.
Launched in May the pan-European body for investors, INREV aims at increasing transparency and accessibility, promoting professionalism and sharing and spread knowledge.