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ING Real Estate chief quits over Polish complex

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POLAND – Paul Trip, chief executive of development at ING Real Estate, has quit over problems at a shopping complex in Warsaw.

“He has decided to step down because he wishes to accept responsibility for the disappointing results of the project Zlote Tarasy in Poland,” ING Real Estate said in a statement.

His role will be taken by ING Real Estate CEO George Jautze until a permanent replaced is appointed.

The project, comprising offices and shops, dates back to the late 1990s but its opening date has been repeatedly put back, and is now set to open in the second half of 2006.

Trip was at ING Real Estate for more than 15 years and will leave as of November 1.

“The management board of ING Real Estate regrets, but highly respects Mr. Trip’s decision,” the statement said.

It added that the move does not alter the concept of ING Real Estate as “one company three business lines”. The strategy of controlled expansion of development would remain.

The Zlote Tarasy development aimed to become one of Warsaw’s landmarks - “a focal point of the capital, full of life almost 24 hours a day thanks to a unique combination of hotel, entertainment, commercial and office functions,” according to a release five years ago.

Earlier, ING Real Estate had named Pieter Roozenboom as chief operations officer for ING Real Estate Investment Management Europe.

Ido Esman became managing director for European private clients while William Rowson was named MD of European acquisitions.

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