Corio reaches settlement on shopping center Campania in Italy (NL/IT)

Corio has reached a final settlement with Barletta Group on the completion and delivery of the shopping center Campania in Marcianise, about 20 kilometres north of Naples. With this agreement all the outstanding issues between Corio and Barletta Group have been resolved. Expectations are that shopping center Campania will open in March 2007.

The project for which Corio entered into a turnkey acquisition agreement in April 2003 with Barletta Group will consist of a shopping center with a gross lettable area of 52,400 m², excluding the Carrefour hypermarket of 19,300 m², large retail units contiguous and connected to the mall with a gross lettable area of 13,500 m² and 7,000 open-air parking spaces. The total acquisition price for Corio will be around €200 million, which includes the amount which already has been advanced by Corio and the amount needed in order to complete the project. The Barletta Group will complete the center in December 2006.

The Campania Shopping Center is located in Marcianise, about 20 kilometres north of Naples, adjacent to the Autostrada A1 (the Naples – Rome – Milan motorway). The center will be the dominant regional shopping center in its catchment area consisting of 1.2 million inhabitants living within 30 minutes driving time and it will create more than 1,500 jobs in the area. On basis of retailers' interest for this project, Corio expects that the center will be practically completely leased when it opens in March 2007.

Source: Corio

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