PROVADA: Kalisvaart didn't see MAB demise coming

Isaac Kalisvaart intends to remain active in real estate after the unexpected decision by Rabobank to wind down MAB, the European real estate development arm which he heads.

During the first day of the Provada real estate fair in Amsterdam on Tuesday, Harmke Pijpers of Amsterdam-based business news radio station BNR asked Kalisvaart how he had taken the shock announcement on 22 May that Rabo Real Estate Group had decided to exit project development and close down MAB Development.

Kalisvaart said he was sorry that the financial crisis was resulting in such decisions as the wind-down of MAB. 'Could I have done something about it? I didn't expect that it would come to this; the decision came suddenly.'

'It's an incredible shame that my colleagues and I have to leave the company at this time,' he said.

But Kalisvaart emphasised that the decision to quit was his own. 'I decided to leave and I will remain active in real estate,' he added.

MAB is headquartered in The Hague and had 145 people active in the Netherlands, Germany and France at the start of 2013.

A multi-disciplinary team is being established to unwind MAB's positions, subject to contractual agreements. Rabo Real Estate stressed it will meet its obligations to clients, business partners, government agencies and its own staff during the process.

Rabo Real Estate said at the time that Kalisvaart had decided not to play a leadership role in the wind-down process. He is to resign as CEO and member of the management board of Rabo Real Estate on 1 July.