Monday, 23rd November 2009

 
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17 April 2009 - Phil Craig

ING global property head to depart

The chief executive of ING Real Estate Investment Management, one of the world's largest property managers, is to leave the company within months of being promoted to his global position. His departure follows ING announcing a wide-ranging restructure of its business last week.

Robert Houston will leave the company on August 1, and will focus on establishing a strategic advisory business and growing his sports charity, according to a statement from ING. He was head of the UK business before ING appointed him as global chief executive in September last year.

A spokeswoman said that the company is not looking for a direct replacement for Houston. The announcement comes after ING revealed plans to integrate its regional investment management operations, and its real estate investment business, into a single global entity. George Jautze, chief executive of ING's overall real estate business, will take on Houston's responsibilities.

Houston is well-known in the property industry. In his time in charge of ING's UK business, Houston oversaw the fund manager becoming one of the most significant investors in recent years. One of its most well known deals was its £1.3bn (€1.5bn) acquisition of 128 commercial properties from UK bank Abbey in 2005, which was at the time the largest direct property deal.

Houston was one of the original founders of ING's real estate investment management business in the UK, formerly known as Baring, Houston & Saunders. ING took on a stake in the business in 1995 after Barings Bank, which backed the business when it was originally founded, collapsed in the wake of a rogue trading scandal. Houston rose to become chief executive of ING's UK property investment business before taking up his global role last year.

ING Real Estate managed over €100bn ($131bn) of property assets at the end of March, which includes its financing and property development arms, along with its pure investment management business.

Houston was not available for comment.

-- Write to Phil Craig at pcraig@efinancialnews.com

Tags: Asset Management , ING Real Estate Investment Management , Real estate , Robert Houston

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