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"ING Real Estate has today announced the acquisition of French property developer Geo-de. Geo-de is active in the Lyon region and develops residential, office and retail projects. The acquisition will enable ING Real Estate to expand its activities in France, a key market for the company, and is anticipated to deliver an increasing market share. The Lyon region, with 3 million inhabitants is a key region for future growth.
Geo-de has a project pipeline totalling some 100,000 sq m. The company plans to mainly develop mixed-use inner-city projects. In association with Geo-de, ING Real Estate is currently developing Lyon Confluence E4.
Commenting on the acquisition Menno Maas, CEO ING Real Estate Development said
"We are delighted that Geo-de has joined forces with ING Real Estate. We have been working with the company for a number of years now and are impressed with their professionalism. The strategy of our two companies with a focus on inner city and mixed-use projects highlighting residential, retail and office developments is an excellent match.
Geo-de will enable us to reinforce our position in the French marketplace."
"This is an excellent opportunity to expand our activities in France. Sharing a similar culture, we look forward to develop sustainable innovative projects with ING Real Estate and to working together with a strong partner," said Jacques Porzio, Managing Director of Geo-de.
ING Real Estate is active in France in the fields of real estate development, finance and investment management. With a development pipeline of EUR 1 billion, a commercial real estate lending portfolio in excess of EUR 2 billion and assets under management of EUR 1.2 billion, ING Real Estate has secured a strong market position in French real estate". (CS della Società)
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