ING REIM raises GBP 50 million for the Lionbrook Property Fund

ING Real Estate Investment Management has successfully raised over GBP 50 million for the ING Lionbrook Property Fund [“The Fund”].  The Fund was in a position to offer a combination of secondary units and new units to both existing clients and new investors and the offer was oversubscribed by nearly 40%. Fourteen separate investors have acquired units, the majority of which are UK pension funds.

The Lionbrook Property Fund has been one of the best performing pooled property fund’s for the past two quarters and has produced a return of 22.0%* in the 12 months to 31 March 2010.

Matt McDonald, Fund Manager for the Lionbrook Property Fund said:

“We have been delighted by the number of investors, both new and existing, who have sought to acquire units in Lionbrook at this time.”

“The Fund is well positioned to provide strong performance for investors which has been demonstrated over the past 12 months. We believe the Fund’s portfolio will provide a good platform for continued performance and we will continue to offer units in the Fund throughout 2010 as part of an ongoing programme to reduce Fund borrowing, offering new investors day one access to property returns.”

The Lionbrook Property Fund is a core, balanced, co-mingled property fund which invests in direct property and property investment vehicles in the United Kingdom.  The Fund targets a return above the IPD AREF All Balanced Funds and as of 31 March 2010 was GBP **384.5 million.

*IPD/AREF Pooled Property Fund Indices
** Net Asset Value