Financial group ING is poised to continue its programme of asset divestment as it moves to wind down its real estate development arm, ING Real Estate Development (RED).
ING RED chief Hein Brand has already cut the division's balance sheet by EUR 1 bn, shrunk the pipeline by more than EUR 3 bn and reduced the payroll by two-thirds to 200 employees.
Yet despite the risk reduction program, buyers for the worlds largest developer have been scarce. As a result, and to avoid having to divest assets at bargain-basement prices, Brand is focusing on selling or winding down on a project-by-project basis.
'There isn't a single recipe and every project has to be dealt with individually,' he told PropertyEU in an interview.
The full article appears in the October edition of PropertyEU Magazine. Click on the link below to subscribe. | 
.jpg)
