ING Real Estate Select has launched a new fund called Eurosiris to meet what it describes as the escalating investor demand for additional property sector investment into continental Europe. The target fund size is EUR1 billion invested over the next three years, but there will be no limit to the fund size.
ING Real Estate Select has launched a new fund called Eurosiris to meet what it describes as the escalating investor demand for additional property sector investment into continental Europe. The target fund size is EUR1 billion invested over the next three years, but there will be no limit to the fund size.
Eurosiris is ING Real Estate's first continental European property fund of funds and will be available from a EUR 2 mln minimum investment. Structured in a similar way to the UK property fund of funds, Osiris, the new 10-year fund will target a total return of at least 8% per year.
Commenting on the rationale for the new fund, Nick Cooper, Global Head of ING Real Estate Select, said: 'At ING Real Estate we have a very strong heritage in continental Europe and our local market knowledge from our extensive locally based, in-house research and forecasting experts and investment management presence 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.'
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. ING Real Estate Select's global multi-manager business, established in June 2000, currently has over EUR 3.0 billion of total assets under management across 19 clients.
