Corio has purchased a shopping centre in Tilburg (The Netherlands) for a total of â‚¬ 72.4 million. The net initial yield is expected to be at least 7%. This acquisition is consistent with Corioâ€™s strategy of focusing on retail property to which value can be added by providing center management.
The acquisition consists of 22,500 mÂ² of retail space on Pieter Vreedeplein, 1,250 mÂ² of retail space on City Centerstraat and a 1,700-seater 7-screen cinema complex. The retail property and cinema complex will be handed over to Corio in 2006 on a turnkey basis.
The Pieter Vreedeplein project comprises a mix of large and small stores, which will complement Tilburgâ€™s core shopping amenities, and 111 individual owner-occupied residential units. It will be extended in the future with the addition of an 800-space parking garage, the largest in the city, which will be owned by the Municipality of Tilburg.
Together with the Emma Passage centre, the acquisition of this project means that Corio will own around 35% of Tilburgâ€™s core retail space.
This development is a joint venture between MAB B.V. and the Municipality of Tilburg.