The Unilever pension fund 'Progress' has signed a commitment of over 70 million to the ING Dutch Funds. Their first investment has already been made in the ING Dutch Residential Fund. An investment in the ING Dutch Retail Fund will follow later this year.
In 2009, Progress decided to move from direct to indirect real estate investments. Its philosophy is to invest in indirect real estate with market leaders with a proven track record, pooling all 'best-in-class' strategies. In line with this philosophy Progress has selected the ING Dutch Funds. In addition to this commitment, Progress is considering other ING REIM funds, for some of which it has already started the due diligence process.
Pieter Hendrikse, CEO ING REIM Europe comments: "We are delighted to welcome a new client into our Dutch Funds at this time. The willingness of Progress to commit over 70 million to ING Real Estate Investment Management Europe demonstrates the confidence that they have in our organisation as well as the ING Dutch Funds and that it meets their long-term investment objective."