Corio sells non-strategic properties for EUR 142m

Amsterdam-listed shopping centre specialist Corio has sold three properties in France and five non-strategic retail properties in the Netherlands for EUR 142 mln.

The transactions involved several different buyers and were carried out in the fourth quarter of 2010, Corio said in a statement published on 30 December.

The disposals were part of Corio's plan to divest its French offices and industrial portfolio and a number of small retail properties in the Netherlands and France in order to focus on owning larger shopping centres.

The three French assets comprised 70,200 m² of gross lettable area (GLA) and were sold for EUR 88.5 mln. The Dutch assets provide 20,000 m² of GLA and were sold for a total of EUR 53.5 mln.

On average, the properties were sold above the book value at end-2009. The net theoretical yield for the properties comes to 6.1%.

Corio decided to begin selling off about EUR 450 mln worth of assets in France at the start of 2010. The assets earmarked for disposals are small retail assets and the offices and industrial portfolio.

The company also moved to sell EUR 150 mln worth of small retail assets in the Netherlands.

To date, Corio has sold around EUR 156 mln of assets in France and EUR 80 mln in the Netherlands. The divestment programme is to be completed before the end of 2011.