ING UK Property Income Fund raises £22.4m of new equity

Published 16th Feb 2010

ING UK Property Income Fund, a Guernsey limited partnership managed by ING Real Estate Investment Management, has raised £22.4m of new equity.

It follows the fund manager agreeing with all investors to restructure and extend its life by 25 years. As part of the agreement the fund's investors injected new equity. It also follows the latest Investment Property Data (IPD) UK pooled funds indices which showed that the fund has been the best performer for the second consecutive quarter.

ING REIM has also sold one of the fund's largest assets, Integra II on Vicarage Road, in Egham for £16.5m which met with the funds strategy to reduce exposure to this particular region and will enable the fund to further pay down debt.

Chris Nash, fund manager for the ING UK Property Income Fund, said: "“We are delighted that our investors have agreed to invest further into the fund and that it has performed so well in 2009 Q3 and Q4. Even though we experienced one of the toughest years in the financial markets, we still managed to produce total returns of +6.9% for 2009.

Source: ' Property Week '

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