ING Real Estate announced the successful initial closing as planned of the ING Real Estate European Office Fund CV. The fund, with a target size of at least €700 mln., is a closed-end and non-listed real estate fund investing in office properties in France, Spain, Belgium and Italy. The fund targets an internal rate of return of 10% to 11% over a 10 year lifetime.
The office markets in the targeted countries are expected to develop favourably in the coming years in view of the improving GDP growth. Key performance drivers of the fund will be property stock-picking and active local asset management.
At the initial closing date, the fund portfolio amounts to approximately €110 mln. and consists of properties in Spain (San Cugat, Barcelona), Italy (Palazzo Verocchio, Milan) and
France (Rue des Jeuneurs, Paris and Europrogramme in Marseille).
Source: ING Real Estate