ING Real Estate acquires French developer Geo-de

ING Real Estate has announced the acquisition of French property developer Geo-de for an undisclosed amount. The addition of the residential, office and retail developer active in the Lyon region will give ING Real Estate a larger presence in what it considers a key region in the French market. The company has a development pipeline in France of EUR 1 bn while Geo-de’s project pipeline currently contains around 100,000 m². The two companies already cooperate on the development of Lyon Confluence E4.

Commenting on the deal, Menno Maas, CEO of ING Real Estate Development, said: ‘We are delighted that Geo-de has joined forces with ING Real Estate. We have been working with the company for a number of years now and are impressed with their professionalism. The strategy of our two companies with a focus on inner city and mixed-use projects highlighting residential, retail and office developments is an excellent match.’

Jacques Porzio, managing director of Geo-de added: ‘This is an excellent opportunity to expand our activities in France. Sharing a similar culture, we look forward to developing sustainable innovative projects with ING Real Estate and to working together with a strong partner.’