Dutch electronics company Philips plans to save hundreds of millions of euros on its global real estate in the next five years, according to Kees van der Linden, director of Philips Real Estate. The emphasis will be on Europe. Philips annually spends some EUR 1 bn on maintaining its factories, offices and other properties worldwide. The company’s real estate assets are valued at EUR 1.2 bn, with over half (55%) located in Europe. Two thirds are owned outright, while the remainder is leased. Van der Linden said at a real estate symposium in the Netherlands last week that the European share of Philips' property portfolio would probably decline as the company is gaining ground in countries with strong economic growth, in particular in Asia.
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