ING Real Estate Select - the newly named global multi-manager business division within ING Real Estate Investment Management - is launching the Eurosiris Fund to meet the escalating investor demand for additional property sector investment into continental Europe.
Commenting on the rationale for the new Fund, Nick Cooper, Global Head of ING Real Estate Select, said: "At ING Real Estate we have a very strong heritage in continental Europe and our local market knowledge from our extensive locally based, in-house research and forecasting experts and investment management presence is unmatched. This, combined with our access to "best of class" funds - and the additional investment allocation demand - makes Eurosiris the ideal entry route to invest in continental Europe."
Eurosiris is ING Real Estate's first continental European property fund of funds and will be available from a €2 million minimum investment. It is structured in a similar way to its leading UK property fund of funds, Osiris.
Eurosiris will invest in a selection of core and core plus property funds from a selection of 'best of class' funds of both third-party managers, as well as a maximum of up to 25% of ING Real Estate's own funds. The fund will target a total return of at least 8% per year. It will have balanced property sector and geographical region representation. The target fund size is Eur 1 billion invested over the next three years, but there is no limit to the fund size.
Jan Meulenbelt, Head of ING Real Estate Select Europe, commented: "Our depth, breadth and weight in continental Europe gives us early access to the best potential investment opportunities in a market where there is stiff competition looking to access the market. Strategic and research-based tactical allocation and a manager selection process will focus on adding value through small participation in a broad market span."
Eurosiris will be managed by ING Real Estate Select Continental Europe BV, the dedicated Europe based indirect property management team, part of the global property multi-manager business, ING Real Estate Select. Following the success of Osiris, the UK's leading property fund of funds, the team has been structured along the same lines as the UK operation.
ING Real Estate Select's global multi-manager business, established in June 2000, currently has over €3.0 billion of total assets under management across 19 clients.
Source: ING Real Estate