ING REIM takes over Creed fund in Asia

ING Real Estate Investment Management Asia (ING REIM Asia) announced on Tuesday that as of 16 April 2010 it has assumed the management of Creed Real Estate Partners, a private equity real estate fund in Japan.

The fund, to be renamed Nozomi Real Estate fund, is a $1.1 bn closed-end value-added vehicle focusing on office, residential and retail assets in Japan.

Richard Price, CEO of ING REIM Asia, stated, 'We are delighted by the vote of confidence given to ING REIM and our team in Japan by the Fund’s Blue Chip, Global Institutional Investors all of whom have supported our appointment. We are excited by the opportunity to provide our services and support in what is a difficult situation for the investors, the previous Manager and of course the existing Fund team. We are pleased that a number of their staff have agreed to join us to complement the skills and experience of our local team in Tokyo and ensure the institutional knowledge of the investments remains to the benefit of the Fund’s investors.'

This is the second time in the past 12 months that ING REIM Asia has assumed the management role of a fund in difficulty, after taking over the General Partner position for the New City Asia Opportunity Fund in April last year.