SNS Property Finance booked a loss of EUR 219 mln in 2009, it emerged on Thursday at the presentation of the annual results of parent company SNS Reaal. The Dutch financier is planning to wind down its international real estate portfolio by 2012 and will concentrate in future on its home market in the Netherlands.
SNS Property Finance booked a loss of EUR 219 mln in 2009, it emerged on Thursday at the presentation of the annual results of parent company SNS Reaal. The Dutch financier is planning to wind down its international real estate portfolio by 2012 and will concentrate in future on its home market in the Netherlands.
The losses at SNS Property Finance did not, however, push SNS Reaal into the red in 2009. The bank booked a profit of EUR 17 mln last year after reporting a loss of EUR 504 mln in 2008. In his presentation of the earnings figures, CEO Ronald Latenstein said: 'It is clear that our stakeholders expect us to operate with more capital and less risk in the current market climate. With a view to reducing our risks, in August we announced that the activities of SNS Property Finance would in future focus exclusively on the Netherlands.'
In order to safeguard value the withdrawal from the international real estate market will occur in a gradual fashion, he added. 'This change of strategy will allow management to use all its time and resources for the Dutch real estate activities. In the Netherlands, SNS Property Finance has a strong position and the market offers good prospects in the medium to long term.'
