Dutch property company Corio is on the verge of acquiring the Principe Pio shopping centre in Madrid for some EUR 125 mln, Spanish newspaper Expansion reported. According to the paper, the deal is expected to be signed next week. Proceeds from the sale will be used to reduce debt. Príncipe Pío, located near Madrid's metro station, provides some 45,000 m[sup]2[/sup] of retail space across 111 shops. CBRE is advising on the sale.
Dutch property company Corio is on the verge of acquiring the Principe Pio shopping centre in Madrid for some EUR 125 mln, Spanish newspaper Expansion reported. According to the paper, the deal is expected to be signed next week. Proceeds from the sale will be used to reduce debt. Príncipe Pío, located near Madrid's metro station, provides some 45,000 m2 of retail space across 111 shops. CBRE is advising on the sale.
Principe Pio is the largest asset owned by Colonial's shopping centre unit Riofisa, which was put up for sale at the end of 2008 but failed to raise investor interest. Corio was rumoured as a potential bidder for Riofisa at the time. Colonial recently said it would find alternative solutions to raise equity, suggesting that Riofisa's assets could be put on the market separately.
