ING Real Estate is pleased to announce the closing of the ING Real Estate European Office Fund, eight months after launch in October, 2005. The fund will ultimately have an investment portfolio of €700 million throughout France, Spain, Belgium and Italy.
The ING Real Estate European Office Fund is a closed-end unlisted real estate fund investing in office properties and targetting an internal rate of return of at least 10% over its 10 year initial term.
Leo Weidenaar, Fund Manager, said: "We are extremely pleased with the positive response from investors. Having reached the equity target, we can now accelerate the property acquisition process. Our focus will be on France, Spain, Belgium and Italy as the office markets in these countries are expected to increasingly benefit from improving economic growth. With market conditions being favourable, careful property selection together with active local asset management will be key to exceeding the targeted investment returns."
The seed portfolio of the fund consists of properties in Spain (San Cugat, Barcelona), Italy (Palazzo Verocchio, Milan) and France (Rue des Jeuneurs, Paris and Europrogramme, Marseille).
Source: ING Real Estate