ING Real Estate Investment Management has announced the launch and closing of its first value-added fund in Continental Europe. The ING Real Estate Iberian Value Added Fund is an unlisted closed-end investment vehicle with a target portfolio of EUR 1.2 bn. Initially, ING REIM set out to raise EUR 250 mln but exceeded this aim by attracting a commitment of EUR 300 mln in equity from investors. The fund is targeting a return of more than 13% and has a duration of seven years with an initial three-year commitment.
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