ING Real Estate announced today that it acquired the remaining 70% shares of the Spanish real estate company Promodeico. ING Real Estate already owned 30% since March 2000. As a result of this transaction, Promodeico has become a 100% subsidiary of ING Real Estate.
The acquisition is a logical move given ING Real Estateâ€™s growth strategy in Spain. The next step will be to combine Promodeico, ING Real Estate IbÃ©rica Development and Viena Inmuebles. Viena Inmuebles is a subsidiary of the Spanish real estate company Filo, a company ING Real Estate acquired in December 2001.
By combining ING Real Estate IbÃ©rica Development, Promodeico and Viena Inmuebles, a new, strong real estate developer will be created on the Spanish market. The new company intends to become an all-round real estate developer, which creates value in the field of shopping centres, residential units and industrial real estate. As of January 2003, the new company will operate under the name ING Real Estate Development.
The management team of the new combination will consist of Jan Eijkemans (CEO), Wil van der Have (interim CFO), Ramon Alabart, Emilio Lopez Castro and Angel RodrÃguez. Promodeicoâ€™s current CEO JosÃ© Antonio Arenas will step down.
(source: ING Real Estate)