Corio has sold an office complex in France to a French institutional investor for E 19.3 million. This transaction has been undertaken as part of the strategic plan announced at the time of the presentation of the full-year figures on 8 March 2002, whereby Corio intends to sell property (mainly offices) over the next eighteen months. These disposals will strengthen Corio´s balance sheet and enable it to continue extending its position in European retail property.
The complex, which is located 10 kilometres south-east of Paris in VÃ©lizy-Villacoublay, comprises two office buildings, ´´Le BlÃ©riot´´ (3,600 mÂ² of lettable area and parking for 178 cars) and ´´Le Nieuport´´ (4,200 mÂ² of lettable area and 210 parking spaces). The selling price exceeds the appraisal value as at year-end 2001.