Dutch property company Corio has announced the acquisition of an additional 30% of the shares in Le Balzac office building in the Courbevoie-La Defénse business district of Paris from the Dutch pension fund for metalworking and mechanical engineering employees.
Dutch property company Corio has announced the acquisition of an additional 30% of the shares in Le Balzac office building in the Courbevoie-La Defénse business district of Paris from the Dutch pension fund for metalworking and mechanical engineering employees.
Le Balzac comprises 15,000 m2 of gross lettable area and is fully occupied. Corio acquired 40% of the shares in 1988 and the company said the purchase of the further 30% from the pension fund was part of the rearrangement of the group's offices portfolio in France. The financial details of the deal were not disclosed but Corio said the acquisition price was in line with the mid-year valuation of Le Balzac.
Corio is currently discussing the acquisition of the remaining 30% of the shares from Belgian-Dutch financial services group Fortis.
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