ING Real Estate Investment Management has announced the launch and closing of its first value-added fund in Continental Europe. The ING Real Estate Iberian Value Added Fund is an unlisted closed-end investment vehicle with a target portfolio of EUR 1.2 bn. Initially, ING REIM set out to raise EUR 250 mln but exceeded this aim by attracting a commitment of EUR 300 mln in equity from investors. The fund is targeting a return of more than 13% and has a duration of seven years with an initial three-year commitment.

ING Real Estate Investment Management has announced the launch and closing of its first value-added fund in Continental Europe. The ING Real Estate Iberian Value Added Fund is an unlisted closed-end investment vehicle with a target portfolio of EUR 1.2 bn. Initially, ING REIM set out to raise EUR 250 mln but exceeded this aim by attracting a commitment of EUR 300 mln in equity from investors. The fund is targeting a return of more than 13% and has a duration of seven years with an initial three-year commitment.

José Antonio Martín-Borregón, fund manager for the ING Real Estate Iberian Value Added Fund, commented: 'The fund's investment strategy is to acquire real estate assets across all property classes in Spain and Portugal. The portfolio will be managed by taking an active approach to asset acquisitions, re-positioning, leasing and disposals. This activity will be delivered by ING REIM Spain, which has a longstanding track record of success and solid expertise across the region.'