Reshuffle at ING’s Canadian subsidiary

Dutch group ING Real Estate has appointed stalwart Doug Aucherlonie to become chief executive of the ING Summit Industrial in Canada. ING acquired the Canadian fund in 2006 but retained its senior management during a transition period. That management is now leaving and the plan to sell the fund has been shelved.

ING Real Estate has appointed Doug Auchterlonie as chief executive at its Canadian subsidiary, the ING Summit Industrial Fund.

Five executives will leave in January to be replaced by Auchterlonie, ING said in a statement. The senior professionals departing are chief executive Paul Dykeman, chief finance officer, Craig Newell, executive chairman, Lou Maroun, chief investment officer, Kathy Harder, and Jon Robbins, senior vice president of research and analysis.

ING acquired Canadian REIT Summit Real Estate Investment Trust in 2006 and delisted the company in 2007. ING put half the portfolio into its newly established ING Summit Industrial fund, while the other half went to its listed Australian industrial fund.

The original plan was to put the C$ 3.3 billion ($2.6 billion; €2 billion) Canadian fund up for sale around now. However, that has been shelved because of the weak real estate market. Non-core retail assets will be sold off in due course, however.

ING said today that Auchterlonie, the chief financial officer at the Australian listed fund would take up the reins.

Robert Houston, global chief executive of ING Real Estate Investment Management said in a statement: “I would like to thank Paul and his team for their contribution since the privatisation of Summit REIT in 2006, and wish them well for the future.”