In line with its strategy, Corio has sold 10 retail properties in the Netherlands to one buyer and one in France for a total amount of €213 mln in January 2014. The disposals concern small- to medium-sized shopping centers, mainly outside the metropolitan area. After finalizing these disposals, Corio is ahead of schedule in the execution of the disposal program in the Netherlands and France.
The relative size (in value) of Favourite Meeting Places in Corio's portfolio increased from 83% (year end 2012) to around 91% today.
Including these transactions, Corio has sold 26 projects for in total €545 mln to a variety of buyers since the start of the program.
The consideration for the disposals in January 2014 is 27% below the book value of June 30, 2013. In executing this, Corio 1) increased the average size of our shopping centers, 2) increased occupancy rates and 3) pushed leverage down.
The Dutch portfolio of 10 assets has been acquired by a joint venture of Mount Kellett Capital Management and Sectie5 Investments.