ING Real Estate booked EUR 151 mln in impairments in the first quarter of 2010, largely on its development pipeline. As a result, ING Bank saw its operational costs increase by ING Bank. In the year-earlier period, the figure came to EUR 22 mln.
ING Real Estate booked EUR 151 mln in impairments in the first quarter of 2010, largely on its development pipeline. As a result, ING Bank saw its operational costs increase by ING Bank. In the year-earlier period, the figure came to EUR 22 mln.
The figures are based on the Q1 earnings presentation of ING Group. Last week PropertyEU erroneously attributed the impairments to ING Real Estate Investment Management (REIM).
ING’s real estate finance, investment management and development units booked a consolidated pre-tax loss of EUR 113 mln in Q1 2010, compared to a loss of EUR 190 mln in the first quarter of 2009.
The banking group said it is continuing to downsize its property development pipeline to reduce risk. By the end of the reporting period the development portfolio was valued at EUR 2.2 bn, compared to EUR 3.1 bn in the same period last year.
ING REIM's total assets under management totalled EUR 66.4 bn at end-March, slightly up from the EUR 65.6 bn recorded a year ago.
Click on the link below to read: ING REIM eyes Poland and Czech Republic
