Another one bites the dust

The demise of Belgian built-to-suit developer IIG: was this a case of incompetence or was it just down to plain bad luck?Nathan North A large company going under during an economic crisis may not be altogether surprising. But such an occurrence always begs the question whether the collapse was due to mismanagement, over-ambition or sheer misfortune. When Immo Industry Group (IIG) recently announced that it had gone bust, precisely such an inquest was needed into where it had all gone wrong. IIG was a Europe-wide developer of built-to-suit warehousing projects, and at the time it went into administration had developed 18 industrial parks in 9 different countries. Its recent difficulties date back to September last year, when its financial partner Belgravia Asset Management also hit the rocks. The investor was part of the Jersey-based Belgravia Financial Services Group, which had all its activities suspended early that month pending an investigation by a Jersey Financial Services Commis