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Robert Houston is stepping down as CEO of ING Real Estate Investment Management within a year of being appointed. ING RE announced in a short statement on Thursday that Houston, who became CEO of ING REIM in September 2008, is leaving on 1 August 2009.

In a telephone interview with PropertyEU, Houston confirmed that his departure is connected to the restructuring of parent company ING Group. The banking and insurance group announced last week that ING RE - the largest integrated real estate company in the world - is being split-up.

'Events in the company and in the market over the past 12 months have brought about changes at corporate level and I now feel that in a way my work is complete,' Houston said. 'Also, I am based in London, while most of the changes within ING will be dealt with in the Netherlands.'

Under the restructuring, ING REIM will be placed under a new global investment management organisation being created at ING Group level. The Group's real estate development arm is to manage down its capital exposure and become part of a new commercial bank division, as will ING Real Estate Finance.

Houston, 58, said he will focus on his own initiatives, which include establishing a new strategic advisory business and expanding his sports charity - Boost. 'I was offered to take the job last year because of David Blight's departure which was not anticipated and, being 57, my mandate was to deal with this issue for a short period of time.'

Regarding the restructuring of ING, Houston said that he was 'very sad that ING RE is being split. But on the investment management side I feel this is a very good development with plenty of opportunities for the group.'

George Jautze, CEO ING Real Estate, who is leading the reorganisation of ING's real estate business, is to also take over as CEO of ING REIM . Jautze held this position between 2001 and 2005 before he was promoted to head ING RE.

Houston was one of the original founders of ING REIM in the UK in 1980, which was formerly known as Baring, Houston & Saunders. In 2005, he founded sports charity, Boost Charitable Trust.