MIPIM 2010: ING REIM launches €1.5bn mall fund

The Dutch property investment manager launches a closed ended shopping centre fund, targeting €1.5 billion of assets.

ING Real Estate Investment Management has announced the launch of a shopping centre fund in order to capitalise on improving yields and market rents across continental Europe.

The Dutch firm said the ING REIM European Shopping Centre Fund would be an unlisted closed-end property fund with a 7-year lifetime hoping to amass €1.5 billion of assets. ING REIM aims to provide investors with core -plus returns of between 11 and 13 percent.

The firm said Florencio Beccar had been appointed as manager of the vehicle, while Jacques van Munster van Heuven was chief financial officer.

Beccar has been with the organisation since 1999 and established operations in Italy and Brazil for the company. He has also launched and managed a number of ING REIM funds, most notably the ING Real Estate Retail Property Partnership Southern Europe and the ING Real Estate Italian Retail Fund.

Beccar said the firm planned to take advantage of the improvement in the economic fundamentals being experienced in some Western European countries already. It intends to capitalise on recoveries in both the capital markets and the occupational markets, he explained. “Timing is of the utmost importance as retail is expected to recover sooner than other property investment classes.”

The firm annouced the launch to coincide with the start of MIPIM, the annual property fair held in Cannes, France.