ING Real Estate Investment Management (ING REIM) has announced the launch of its ING REIM European Shopping Centre Fund to target up to EUR 1.5 bn in dominant shopping centres across Continental Europe.

ING Real Estate Investment Management (ING REIM) has announced the launch of its ING REIM European Shopping Centre Fund to target up to EUR 1.5 bn in dominant shopping centres across Continental Europe.

The vehicle is structured as an unlisted closed-end property fund with a seven-year lifetime.

ING REIM said the fund will seek to benefit from the recovery in the Continental European retail real estate markets to provide investors with Core + returns in the range of 11 - 13%. Florencio Beccar has been appointed as fund manager and Jacques van Munster van Heuven as chief financial officer for the fund.

ING REIM manages in excess of EUR 9 bn in retail AuM through five specialist funds as well as four mixed funds across 11 Continental European countries, offering retail exposure to its extensive client base. ING REIM has invested over EUR 5.5 bn in the European retail sector in the period from 2004-2009 and has a proven track record by outperforming the IPD Retail Benchmark on 3, 5, 10 and 13-year basis.