Dutch shopping centre REIT Corio has confirmed it intends to dispose of EUR 360 mln in assets from its portfolio.
Dutch shopping centre REIT Corio has confirmed it intends to dispose of EUR 360 mln in assets from its portfolio.
Corio intends to sell nine retail assets, valued at EUR 100 mln, in the Netherlands. However, most of the disposals are planned in France: three retail assets valued at EUR 48 mln, four office buildings (EUR 182 mln) and two industrial sites (EUR 14 mln). One office building in Germany is also to be sold.
The plan was first announced earlier this year.
Corio made the announcement at the presentation of its third-quarter earnings last week. The company reported that the value of its portfolio rose to EUR 7.4 bn at end-September this year compared to EUR 6.98 bn in the same period last year.
Net result for January to end-September 2011 came to EUR 177 mln compared to EUR 236 mln last year due to an increase in number of shares, the company said.
Net rental income and direct result rose respectively by 9.1% to EUR 295 mln and 4.7% to EUR 197 mln. The occupancy rate of the retail portfolio remained unchanged at 96.2%. On a like-for-like basis rental growth of the retail portfolio was 3% compared to 1.1% last year.
Full-year direct result per share is expected to be in line with last year's figure which came to EUR 2.88, Corio said.
