New City Asia Opportunity Fund now under ING

What was previously known as the New City Asia Opportunity Fund will now be renamed as Phoenix Real Estate Fund upon turnover of all management responsibility to ING Real Estate Investment Management.

Assuming the role of General Partner for the Fund, ING Real Estate replaces New City Asia Fund Management and takes over the US$772 million closed end, pan-Asian Real Estate Opportunity Fund. The change in General Partner was supported by the Fund’s almost 30 limited partners.

With a focus on Japan, the Fund is 76 percent invested in a portfolio of opportunistic residential, industrial and development assets in South Korea, Japan, and China.

"We are delighted that a small number of the New City team has chosen to join us to ensure stability and continuity in the management of the Fund’s assets. We are especially thankful to the Fund’s Limited Partners and Advisors for the confidence and trust they have shown in ING and our real estate team in the region," said Richard Price, CEO – Asia for ING Real Estate Investment Management.

This addition to ING Real Estate’s assets under management brings the total value to $4.97 billion in Asia.