UK - ING Real Estate Investment Management (ING REIM) has announced up to one-fifth of its staff in the United Kingdom face redundancy following a costs review by the firm.

The economic downturn has forced ING Real Estate to start a redundancy consultation process and around 20% of staff positions across the UK business at risk, according to Oliver Bartrum, head of operations for the firm.

"ING Real Estate Investment Management confirms that in light of the ongoing deterioration in market conditions, it has undertaken a further cost review which includes a difficult but necessary decision to enter a redundancy consultation process."

ING REIM insisted further details about the redundancy process remain confidential.

ING REIM has over €70bn invested in real estate around the world and over 1,400 staff across offices in 22 countries.

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