Amsterdam-based private investor White Estate has reportedly acquired part of the office and business space portfolio put up for sale by listed Dutch property company Corio. Market sources say that the transaction price for the deal which was signed last week was in the region of EUR 350mln. This indicates that Corio was not able to sell the entire 700,000 m[sup]2[/sup] portfolio, valued at EUR 1.2bn, in one transaction. About EUR 700mln worth of the portfolio is located in the Netherlands.
Amsterdam-based private investor White Estate has reportedly acquired part of the office and business space portfolio put up for sale by listed Dutch property company Corio. Market sources say that the transaction price for the deal which was signed last week was in the region of EUR 350mln. This indicates that Corio was not able to sell the entire 700,000 m2 portfolio, valued at EUR 1.2bn, in one transaction. About EUR 700mln worth of the portfolio is located in the Netherlands.
White Estate declined to comment on the rumoured deal when contacted by PropertyNL, the sister publication of PropertyEU. A spokesperson for Corio would not confirm that a deal had been finalised but the company is to inform the market by end-April on the state of affairs.
Corio is one of the largest listed property investment companies focusing on the retail sector in Europe. Its portfolio of EUR 6bn consists mainly of shopping centres in the Netherlands, France, Italy, Spain and Turkey.
The company announced last November that it had appointed Jones Lang LaSalle to advise it on the sale of the office and business space portfolio to concentrate fully on the retail segment. The proceeds of the sale, Corio said, would be used to finance its debt and its retail pipeline.
