Multi Development intends to cut about 90 staff, about 12% of its 780-strong workforce, in preparation for the challenging market conditions expected in 2009.
Multi Development intends to cut about 90 staff, about 12% of its 780-strong workforce, in preparation for the challenging market conditions expected in 2009.
A spokesman for Multi told PropertyEU that the staffing cuts will take place across its European operations. Most of the job losses will be among freelancers and people on short-term contracts though some full-timers will also be involved. 'We are preparing the company to enter the New Year in a responsible manner,' said Mark Cunningham, head of marketing and communications.
Cunningham said that developers in Europe in general are experiencing a slowing of activity but he said Multi has secured commitments recently. Several other Dutch real estate developers including TCN, OVG and AM have also reduced their staff levels. Dutch property giant ING Real Estate Investment Management is reportedly set to make about 20% of its staff in the UK redundant to save costs.
Rabo Vastgoedgroep has said it intends to generate 10i% in savings on its general costs during 2009. It hopes to achieve this through natural attrition, but it has not ruled out forced redundancies. The group has 1,600 employees and is a market leader in different sector of the Dutch real estate market with its units FGH (finance); Bouwfonds Wonen (residential); Bouwfonds Asset Management and MAB (development).
This week Dutch construction group Heijmans announced 450 job cuts in addition to 200 announced earlier.
