Corio to refurbish French and Dutch malls

Property investment company Corio will invest EUR 67 mln in the redevelopment of 't Circus shopping centre in Almere, central Netherlands, and the Cote de Nacre mall in Caen, northern France.

Its French unit has acquired a 130,000 m² plot of land near the existing retail area in Caen for EUR 18.3 mln, and is planning to extend the mall over part of the land (67,000 m2), with the rest (63,000 m2) remaining leased to the previous owner. The existing mall provides some 32,500 m² of one-level retail space, anchored by a Carrefour hypermarket. The renovation and extension cost, involving some 15,000 m2, is estimated at EUR 45 mln. The new centre will be completed by 2009, the company said in a press release.

In the Netherlands, Corio's Dutch unit has signed an agreement with Fortis' property development unit for the re-development of a 23-unit 2,600 m² shopping mall. The complex, opened in the 1980s, will be provided with an additional 12,000 m² of retail space over three levels. The revamp scheme will involve an investment of about EUR 22 mln. Tenants will include fashion retailers Vera Moda, Van Haren and Shoe Outlet. The new 't Circus is scheduled for completion in 2008.

Corio, a leading shopping centre investor and manager in Europe, has a portfolio of EUR 5 bn and a pipeline of about EUR 1.6 bn.