European real estate developer MAB is to be wound down as its parent company Rabo Real Estate Group has decided to exit project development.
European real estate developer MAB is to be wound down as its parent company Rabo Real Estate Group has decided to exit project development.
Rabo Real Estate cited market developments and forecasts as the basis for its decision.
MAB Development, including MKB Vastgoedplan, will complete on-going projects but no new projects will be launched. Completion of the existing projects will take several years, Rabo Real Estate said in a statement.
The group's other divisions, Bouwfonds Property Development, FGH Bank, Bouwfonds REIM and KP Investments, are not affected.
MAB Development 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.
The number of overall personnel in all three countries will be reduced significantly.
CEO Isaäc Kalisvaart has 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.
Françoise Dechesne, Dutch director since 2001, will be appointed CEO with responsibility for unwinding the Dutch business. Jan Eijkemans, managing director international, will be charged with doing the same to the businesses in France and Germany.
