Corio has sold the The Bordeaux Megastore and an office in Rueil Malmaison for respectively 67.3 million and 30.6 million net. Both properties were sold around book value. Corio decided to sell the Bordeaux Megastore because it wants to focus on shopping centers with more growth potential. The building accommodates four large tenants in the city center of Bordeaux. The sale of the office is part of the disposal plan of the offices and industrial portfolio which was communicated in 2007.
Bordeaux Megastore was acquired by Corio in 2001 and the renovation was completed in 2003. The total cost of acquisition and renovation was 48.8 million.The building comprises 16,700 m² GLA with an occupancy rate at time of disposal (end of January 2010) of 100%. The buyer is Westinvest InterSelect subsidiary of the DekaBank Group).
The Net Theoretical Yield at time of disposal was slightly under 6%. Corio acquired the Fréres Peugeot Office building in Rueil Malmaison in 2000 for 25.1 m. The office comprises 7,400 m² GLA with 144 parking places with an occupancy rate at time of disposal (end of December 2009) of 100 %. The buyer is Citadel. The Net Theoretical Yield at time of disposal was around 8%.
Source: Corio
