REAL ESTATE - ING Real Estate Select has launched a fund for investors who want to allocate their assets in continental Europe, it announced.

According to ING Real Estate Select - the newly named global multi-manager business division within ING Real Estate Investment Management - the new scheme ‘Eurosiris' is meant to meet "escalating investor demand for additional property sector investment into the continent.

Eurosiris is ING Real Estate's first continental property fund of funds and will be available from a €2m minimum investment. It is structured in a similar way to its leading UK property fund of funds, Osiris, it said.

"Eurosiris will invest in a selection of core and core-plus property funds from a selection of ‘best of class' funds of both third party managers, as well as a maximum of up to 25% of ING Real Estate's own funds."

"It will target a total return of at least 8% a year, and it will have a balanced property sector and geographical region representation. The target fund size is €1bn, to be invested in the next three years. However, there is no limit to the fund's size," ING added.

Commenting on the rationale for the new fund, Nick Cooper, global head of ING Real Estate Select, said; "We have a strong heritage in continental Europe, and our local market knowledge is unmatched.

"This, combined with our access to ‘best of class' funds, and the additional investment allocation demand, makes Eurosiris the ideal entry route to invest in continental Europe."

Strategic and research-based tactical allocation and a manager selection process, will focus on adding value through small participation in a broad market span," Jan Meulenbelt, head of ING Real Estate Select Europe, added.

Eurosiris will be managed by ING Real Estate Select Continental Europe, the Europe-based indirect property management team ING Real Estate Select's global multi-manager business has over €3bn of assets under management across 19 clients. The company - established in 2000 - is part of global ING Real Estate, which has a business portfolio of €79bn and offices in 21 countries.