ING REIM's European Property Strategy certified for ISAE 3402

ING REIM announced on Tuesday that external auditor Ernst & Young confirmed that the European Property Strategy NV (EPS) has been certified for a type I report that is compliant with the new International Standard on Assurance Engagements No. 3402 (ISAE 3402).

The independent ISAE 3402 certification provides (prospective) investors assurance that all controls, procedures and processes relating to EPS are implemented in a reliable and controlled manner by the fund manager, Regulated Fund Management (RFM).

EPS is an open ended core fund, investing in ING REIM Europe's platform of non-listed funds. Over the last months EPS increased its investment base and currently holds eight investments. Additionally EPS has entered into new investment commitments of around EUR 41mln. EPS has seen considerable appetite from international investors; the fund had new capital inflows in both the first and second quarter, currently holding EUR 167 mln of investor commitments, of which EUR 131 mln issued.

Wim Wensing, fund manager EPS commented: 'ISAE 3402 is the global standard. The certification is an acknowledgement of the quality of our service. It sends a clear message to our clients and other stakeholders that we have everything in place to safeguard the interests of our investors. All relevant risks are covered with adequate control objectives and operational controls. I am confident that this provides assurance to our customers and potential investors looking for diversified pan-European real estate investments.'

ISAE 3402 was issued by the International Auditing and Assurance Standards Board (IAASB) in 2010 to succeed the Statement on Auditing Standards No. 70, Service Organizations (SAS 70).