Pan-European real estate group Corio has raised EUR 258 mln through an accelerated bookbuilding offering of 7.9 million shares with institutional investors at a price of EUR 32.50 per share.

Pan-European real estate group Corio has raised EUR 258 mln through an accelerated bookbuilding offering of 7.9 million shares with institutional investors at a price of EUR 32.50 per share.

The offering comprised 6.9 million newly issued shares and just under 1 million shares held in treasury by the company. The shares were offered to institutional and other professional investors in the Netherlands and abroad, on a non pre-emptive basis. Dutch Pension fund ABP, Corio's main shareholder, subscribed to the offering on a pro rata basis to its holding of 36.5% in the company.

ABN AMRO Bank and J.P. Morgan Securities acted as joint bookrunners.

CEO Gerard Groener commented: 'We expect that the current economic situation will generate attractively valued opportunities in the near to medium term in Corio's home markets. In line with its strategy to build a premium quality portfolio of sustainable shopping centres Corio is preparing to take advantage of these opportunities.

'The accelerated bookbuild offering will allow Corio to take advantage of the most compelling opportunities while maintaining its strong balance sheet and financial flexibility.'