Back from the brink

In March 2009, in  the darkest days of the credit crunch, Delin Capital bought out the troubled Belgian build-to-suit warehouse developer Immo Industry Group (IIG) and its portfolio of properties across Europe, including 18 industrial parks – mainly in Central and Eastern Europe. A new company was established from the ruins of IIG: Ulogis. At the time a press release from London-based Delin spoke of an intention to carry on with the company’s 29 build-to-suit projects, as well as moving into a new area for IIG – speculative development. It also mentioned a future intention to expand outside Europe. But although 18 months is a long time in real estate, almost nothing has been heard from Ulogis since. In fact, the new company has been embroiled over this period in sorting out the legal and financial issues it inherited from its former incarnation. With the process nearly complete, we spoke to the CEO of Ulogis, Bart De Sitter, about what the company plans to do next. &