Rabo Real Estate Group is phasing out commercial real estate development (NL)

Rabo Real Estate Group will be phasing out its commercial real estate development activities. This decision is based on the current and prospective market conditions. MAB Development’s ongoing projects will be completed and no new projects will be initiated.

All ongoing projects in MAB’s portfolio will be completed according to existing contractual obligations. A multidisciplinary team of MAB employees will be in charge. Isaäc Kalisvaart has decided to step down as CEO of MAB Development Group and as a member of the Board of Directors of Rabo Real Estate Group per July 1, 2013.

Françoise Dechesne will be appointed the new CEO per the same date and will be responsible for finalizing the Dutch commercial real estate activities. She has been employed by MAB since 2001 and was appointed Managing Director of the Dutch operations in 2008.

As Managing Director International, Jan Eijkemans will be responsible for phasing out the Foreign operations together with Serge Khavessian, Managing Director MAB Development France and Michael Flesh, Managing Director MAB Development Germany.

The phasing out of the activities of MAB Development will have no impact on the activities and organization of the other business units of Rabo Real Estate Group (Bouwfonds Property Development, FGH Bank, Bouwfonds REIM and the activities of KP Investments).

Source: Rabobank

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