In the fourth quarter of 2001, Corio sold residential property to the value of ? 78.4 million and individual retail properties and small retail complexes to the value of ? 22.9 million in The Netherlands. These sales are consistent with Corio?s strategy of focusing on retail property to which it can add value, where appropriate by applying its own center management concept. With a portfolio in The Netherlands, France, Italy and Spain worth ? 3.5 billion, Corio is among the top four listed European property funds with focus on retail property.
Following its announcement in October 2000 that it intended to wind down its residential portfolio, Corio sold residential property to a total value of ? 91.8 million in 2001. The value of the remaining property portfolio is now only ? 45.6 million (1% of the total portfolio). These properties were sold above their year-end 2000 appraisal value.