ING Real Estate Investment Management, the Dutch institutional real estate manager, has closed its first value-added fund in continental Europe with €300 million ($398 million) of commitments.
The ING Real Estate Iberian Value Added Fund, focussed on the Spanish and Portuguese markets, set out to raise €250 million, but easily surpassed this target.
The move into value added funds by ING reflects the growing demand from investors to diversify from core and core-plus strategies to more opportunistic-style deals.
The seven-year fund is targeting a return of more than 13 percent and has a three year investment horizon.
Pieter Hendrikse, chief executive officer of ING Real Estate Management Europe, said in a statement: “This new fund initiates our first move towards our strategy of meeting investors’ demand for more value-added products in Europe. We are operating in a diverse marketplace which offers strong opportunities for value-added investing. Investors are increasingly looking to leverage structural and cyclical real estate opportunities to diversify their portfolio mix and to generate higher returns.”
José Antonio Martín-Borregón is managing the fund from ING’s Madrid office.
ING Real Estate launches €1.2bn value-added fund
The Dutch institutional real estate manager is departing from its usual strategy to meet investor demands for diversification and higher returns.
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