ING Real Estate and Grontmij Real Estate yesterday announced that they will end their joint venture for logistic business parks outside the Netherlands, Quendis International. Grontmij will continue with Quendis, but intents to dispose of Quendis’ activities eventually.
Quendis was active in a part of the Madrid Airport business park (20%) and in business parks in Poland and Hungary. ING will take back its part of the business park in Madrid; Grontmij the business parks in Eastern Europe.
According to Grontmij, the order portfolio of Quendis raised from € 50 mln to € 100 mln. The collaboration has been ended because the geographical and strategic focusses of both shareholders didn’t correspond enough. At Grontmij, Quendis is part of the division Development and Exploitation. Grontmij announced its intention to sell this division at the presentation of the annual results.