Corio has sold an office property and an industrial building in Paris as it continues to refocus its portfolio on dominant shopping centres in Europe.
Corio has sold an office property and an industrial building in Paris as it continues to refocus its portfolio on dominant shopping centres in Europe.
The Amsterdam-listed European shopping centre specialist sold the 13,000 m2 'Kupka C' office property in Paris La Défense to French public pension fund ERAFP, and a 19,400 m2 industrial building situated in the southern Paris region of Brétigny to a private buyer.
The volume for the two deals came to €26.5 mln.
Corio said that the properties had been sold on average 11.8% above the book value at year-end 2013. The premium to book value of the disposal price related to 40% of the property value of 'Kupka C' and 100% of the property value of Brétigny.
Including this transaction, Corio has sold 31 projects for a total of €638 mln to a variety of buyers since the start of the disposal programme in the beginning of 2013.
Corio had just over €7 bn of assets under management at end-2013.