ING has sold the struggling Haaglanden Megastores mall in The Hague for €66 mln - less than half of what the Dutch bank's real estate development arm paid for the centre in 2008.

ING has sold the struggling Haaglanden Megastores mall in The Hague for €66 mln - less than half of what the Dutch bank's real estate development arm paid for the centre in 2008.

Meijer Realty Partners (MRP) and asset manager CQS acquired the 85,000 m2 shopping centre near Hollands Spoor railway station, ending a difficult chapter in ING's recent history.

The price is less than half the €135 mln ING paid for the centre in 2008, when it acquired it from German investor HFS. Despite the owners renovating the property and relaxing the entry criteria to admit smaller retailers less than 1000 m2 in size, around a third of the retail space remains unoccupied.

ING has been winding down its property development arm since 2009 and has already sold its real estate investment business to CBRE Global Investors, leaving only its real estate finance division intact.

MRP was established in 2013 by Ton Meijer, the co-founder of London-based investor-developer Meyer Bergman.

Simmons & Simmons advised MRP and Linklaters CQS, while Loyens & Loeff acted for the seller.