In line with its strategy, Corio has sold ten retail properties in the Netherlands to one buyer and one in France for a total amount of € 213.0 m in January 2014. The disposals concern small to medium sized shopping centres, mainly outside the metropolitan area. After finalising these disposals, Corio is ahead of schedule in the execution of the disposal programme in the Netherlands and France.The relative size (in value) of Favourite Meeting Places in Corio’s portfolio increased from 83% (year end 2012) to around 91% today. Including these transactions, Corio has sold 26 projects for in total € 545 m to a variety of buyers since the start of the programme. The consideration for the disposals in January 2014 is 27% below the book value of 30 June 2013. In executing this, Corio 1) increased the average size of our shopping centres, 2) increased occupancy rates and 3) pushed leverage down. The Dutch portfolio of ten assets has been acquired by a joint venture of Mount Kellett Capital Management and Sectie5 Investments.
Source : Company