Corio sells properties in the Netherlands (NL)

Corio has sold the shopping centre De Brink in Hengelo (14,900 m² and 386 parking spaces) and the mixed-use complex at the Burgemeester Loeffplein in Den Bosch (3,700 m² retail and 3,200 m² offices) both in the Netherlands, for a total amount of €59.9 mln. (expenses to be paid by the buyer), considerably above book value.

The shopping center De Brink is part of the city center shopping area of Hengelo, being located on the central square De Brink between the central station and the high streets. It was built in 1999 and acquired by Corio in 2000. De Brink consists of a 14,900 m² shopping gallery with anchor tenants V&D and H&M and a parking garage of 386 spaces. Since it does not fit in the portfolio of Corio any longer the shopping center now has been sold to Pensioenfonds voor de Grafische Bedrijven (PGB) and the parking garage to Q-park who was already managing the parking.

Burgemeester Loeffplein is a mixed-use project located in the city center of Den Bosch. It consists for 3,700 m² of shops with tenants like the ANWB and the Kijkshop and 3,200 m² of offices, situated above the shops. The complex was built and bought by Corio's predecessor in 1967. Since the renovation in 2002 the property is fully let, the time is now considered to be right for Corio to sell this mixed-use complex, also taking into consideration the sort and size of the property. The buyer is Inside Investments N.V.

The total sale price for the two properties amounts €59.9 mln. (expenses to be paid by the buyers), which is considerably above book value. The sale proceeds will be used for the financing of the fixed and variable pipeline with a total amount of €1.2 bln.(30 September 2005). With this it has to be noted that on 15 December 2005 the City Councel of Utrecht has advised positively on the contract between the Municipality of Utrecht and Corio with respect to the renovation and extension of the shopping centre Hoog Catharijne in Utrecht. The expectations are that the contracts will be signed in the first quarter of this year upon which the project with an expected investment of approximately €250 mln. will move from the variable to the fixed pipeline of Corio.

Source: Corio

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