Menno Maas regrets split-up of ING Real Estate

Menno Maas, outgoing CEO of ING Real Estate Development, regrets that ING Real Estate's former business model which integrated development, asset management and finance has been abandoned. Nevertheless, he understands the reasoning behind ING's decision to integrate the development unit into ING bank and wholeheartedly supports the strategic review which has led to a renewed focus on retail.

'ING Real Estate Development is now a much leaner and meaner organisation,' Maas said in an exclusive interview with PropertyEU at the Mapic retail fair in Cannes. 'I have completed the job I was taken on to do. A host of measures have been taken to make the organisation more cost-effective and to bring the focus back to retail-led developments.'

Maas conceded, though, that the split-up of the ING Group and its real estate unit had played a role in his decision to step down from January 2010. 'I still believe in the concept of an integrated real estate company combining development, asset management and financing.'

As announced earlier this week, Maas will step down from his current post at ING RED on 31 January 2010. Maas said he planned to take a few months sabbatical before thinking about a new position. He added that he was considering interim management positions and/or teaching positions. In September, he gave a series of lectures on redevelopment at Harvard University in the US and will do the same in January next year.

Maas: 'I'm going to exchange ING orange for lots of blue these next few months. This is a good time to take a break. For the next three months, it will be blue skies and seas for me in the southern hemisphere.'