Unilever's pension fund Progress has signed an agreement to commit over EUR 70 mln to two ING Dutch funds. The first investment has already been made in the ING Dutch Residential Fund, with an investment in the ING Dutch Retail Fund following later this year.
Unilever's pension fund Progress has signed an agreement to commit over EUR 70 mln to two ING Dutch funds. The first investment has already been made in the ING Dutch Residential Fund, with an investment in the ING Dutch Retail Fund following later this year.
In 2009, Progress decided to move from direct to indirect real estate investments. Its philosophy is to invest in indirect real estate with market leaders who have a proven track record, pooling all 'best-in-class' strategies. In line with this strategy, Progress is also considering other ING REIM funds and has already started a due diligence process for some of them.
Pieter Hendrikse, CEO ING REIM Europe, commented: 'We are delighted to welcome a new client into our Dutch Funds at this time. The willingness of Progress to commit over EUR 70 mln to ING Real Estate Investment Management Europe demonstrates the confidence that they have in our organisation as well as the ING Dutch Funds and that it meets their long-term investment objective.'
ING Real Estate Investment Management focuses on the investment management of quality real estate in all major global markets with a total portfolio of EUR 66.6 bn.