ING Real Estate has launched the new non-listed real estate fund ING Retail Property Fund France Belgium for institutional investors. Through this closed-end fund they can invest in shopping centers in France and Belgium. The expected size of this fund is € 4 bln. by the end of 2006.
The fund has a running time of 10 years and at the moment it has a portfolio of seven retail objects of which six are located in France and one in Belgium. This portfolio has a present value of € 320 mln. and 98.4% is let. ING Real Estate is striving for a portfolio of 20 shopping centers in the large cities of both countries.