Corio has sold three properties in France and five non-strategic retail properties in the Netherlands for 142 million in Q4 2010.
The disposals were part of Corio's plan to sell the French offices and industrial portfolio and a number of small retail properties in the Netherlands and France in order to focus on shopping centers where Corio can create Favourite Meeting Places.
On average, the properties were sold above the book value at year end 2009. The Net Theoretical Yield for the properties sold in Q4 2010 was 6.1%.
Corio's disposal plan consisted at the beginning of 2010 of small retail assets and the offices and industrial portfolio of around 450 million in France and a number of small retail assets of around 150 million in the Netherlands to be sold before the end of 2011. At this moment Corio has sold around 156 million in France and 80 million in the Netherlands of the disposal plan.