Corio and Achmea Vastgoed have each sold their 50% interest in the office building the Terminal Zuid in the city center of The Hague to Bouwfonds Office Value Fund N.V. for a total amount of 31.7 million (expenses to be paid by the buyer), which is above the most recent book value.
The Terminal Zuid located in the city centre of The Hague has a lettable area of approximately 11,000 m² of office space and 108 parking places (100%). The office built in 1991 was bought by Corio together with Achmea Vastgoed in 1992. In the beginning of this year Corio signed a new lease agreement for the whole building with the present tenant, the Staat der Nederlanden. This was for both Corio and Achmea Vastgoed the right moment to proceed with the sale.
Corio's strategic focus is on retail. Its target is to have 80% of the value of the portfolio invested in retail by expanding the retail portfolio in the future and selling the office portfolio at the appropriate time. Shops and shopping centres currently account for 77% of the total portfolio of 4.2 billion, spread over five countries. The pipeline of Corio as per 30 June 2005 amounted to 1.2 billion (fixed and variable) of which 73 million will be delivered in the second half of this year and 130 million in 2006. The pipeline almost exclusively consists of shopping centres. Corio expects that the share of retail in the total portfolio will increase to over 80% in 2008. Corio is listed on the stock exchanges of Amsterdam and Paris and is included in the Euronext Amsterdam Midkap Index (AMX).
Source: Corio
