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ING Real Estate opens Brazil office

Mon Sep 29, 2008 5:56am EDT

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LONDON, Sept 29 (Reuters) - ING Real Estate, one of the the world's biggest property fund managers, has opened an office in Sao Paolo, Brazil, the company said on Monday.

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"We have been analysing the Brazilian market for a while now and believe that the time is right to begin building a presence," said Florencio Beccar, who will head the office.

In a statement, ING Real Estate -- a unit of Dutch financial services group ING Groep (ING.AS) -- said it wanted to tap into the resource-rich country's growing middle class and improving infrastructure.

It said Brazil, with its young population and large crop of big cities, offered compelling opportunities for real estate investors across the main housing, office, retail, and industrial sectors.

ING Real Estate has more than 100 billion euros ($146.3 billion) in property assets and loans under management or under development. (Reporting by William Kemble-Diaz; Editing by Quentin Bryar) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters).

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