ING Real Estate Development UK Ltd (ING RED UK) has completed the divestment of its ownership of the land and management of the Hayle harbour in Cornwall, UK.
ING Real Estate Development UK Ltd (ING RED UK) has completed the divestment of its ownership of the land and management of the Hayle harbour in Cornwall, UK.
Located on Cornwall's north coast near the towns of Penzance and St Ives, the Hayle Harbour scheme aims to transform the former industrial centre of Hayle Harbour into a thriving coastal destination.
The sale is in line with ING’s strategic decision to divest its real estate development activities across Europe. Last week ING Real Estate announced it had sold MegaStores The Hague, a 90,000 m2 retail complex located in the centre of the Dutch city, to a joint venture of London-based asset manager CQS and commercial real estate investor Meijer Realty Partners (MRP).
In January ING RED disposed of two inner-city development plots in the UK cities of Chester and Maidenhead to the local authority and Norwegian property business Smedvig Eiendom respectively.
The latest sale completes of the restructuring and winding down of ING Bank's real estate investment and development activities in the UK. For several years before the 2008 crash ING RED was one of the largest inner-city property developers in Europe.
ING Real Estate's remaining portfolio consists primarily of retail and residential assets in the Netherlands, Spain, China and the US.
