ING Real Estate has successfully launched a property fund to target retail and leisure across the Iberian Peninsula.
ING Retail Property Fund Iberica will be the largest fund investing in the sector in Spain and Portugal. It has been oversubscribed – attracting seven international investors – and has now raised its target capital of €500m.
With 50% leverage the fund will be about to invest around €1bn into the sector. The unlisted fund will have a 10-year life span.
The fund has already made several purchases including Parc Central in Taragona, Valle Real in Santander and Caprabo in Almendralejo – and bought three properties in Portgual.
