Redevco withdraws from Asia; Gillis and Lie to leave

International real estate investor-developer Redevco has announced it is ceasing its activities in emerging markets and will temporarily withdraw from Asia to focus on its core European markets.

Redevco also announced that COO Jaap Gillis and Asian managing director Robert Lie are stepping down from the board at year-end. After completing ongoing assignments, both will leave the company at the end-2012 by mutual consent.

Redevco made its first and only investment to date in Asia in 2009 when it entered into a 50:50 joint venture with Chinese firm Shui On Land to develop the shopping centre section in the Wuhan Tiandi Commercial Cluster in the Chinese city of Wuhan. Redevco said at the time that the total investment would exceed RMB 2 bn (now EUR 235 mln).

Lie: 'Now that Redevco has decided to focus on its core European markets and temporarily withdraw from the Asian market I am working with the existing team here to secure alternative investors to continue our Asian shopping mall activities in Asia with our specialist team.'

Gillis, Redevco’s chief operating officer, is a well-known figure in the European property world. He joined Redevco in March 2006.

Before that he was a board member at Amstelland/Multi Development Corporation and chairman of the Board of ING Real Estate International. Robert Lie joined Redevco in 2008 and has a track record of 11 years in the Asian real estate markets. Before his role at Redevco he was CEO of ING REIM Asia and responsible for the integration of Rodamco Asia into ING REIM.

Gillis: 'I consider the phase that Redevco is entering into at the moment as a logical moment to explore continuing my career outside of Redevco. I will leave behind a solid well-respected retail real estate company, with which we achieved excellent results.'

Redevco manages one of the largest retail portfolios in Europe, currently valued at EUR 7.5 bn. The company is owned by Cofra Holding, a Swiss-based holding company.