A consortium led by private investor White Estate Investments has finalised the acquisition from Corio of a EUR 650 mln portfolio of office and industrial assets in the Netherlands. In a statement, Corio said it received payment of EUR 622 mln at the end of September and added that it will use the proceeds to repay short-term debt and finance its development pipeline. The company currently has 92% of its portfolio invested in retail property. Four assets part of the portfolio will be transferred at the end of the year, Corio added.
A consortium led by private investor White Estate Investments has finalised the acquisition from Corio of a EUR 650 mln portfolio of office and industrial assets in the Netherlands. In a statement, Corio said it received payment of EUR 622 mln at the end of September and added that it will use the proceeds to repay short-term debt and finance its development pipeline. The company currently has 92% of its portfolio invested in retail property. Four assets part of the portfolio will be transferred at the end of the year, Corio added.
The retail developer and investor signed the agreement with the consortium in April this year for a purchase price of EUR 650 mln. The portfolio, with gross leasable area of 430,000 m2, consists of 35 office buildings, 11 industrial properties and two parking garages.
The 12-strong team that were responsible for asset management of the portfolio will be employed by WEI from next month.
Corio was advised by JLL.
