Corio has reached agreement with a consortium led by White Estate Investments (WEI) on the sale of the entire Dutch office and industrial portfolio offered for sale. In its press release dated 22nd of November 2007 Corio announced that it had initiated a divestment process for its office and industrial portfolio. Interested parties were invited to make an offer for one of four portfolio's; the major part of the offices or all industrial properties in the Netherlands or France, or all of these portfolio's combined. Corio had a preference for the latter for reasons of efficiency and the possibility of capturing a portfolio premium.
After careful consideration Corio decided, based on the offers received, to negotiate a separate sale for the portfolio in the Netherlands as a whole and defer the sale of the French portfolios. More shareholder value is expected to be created through sale of individual or a group of several assets in France at a time when the financial markets have recovered from the current negative sentiment.
The Dutch office and industrial portfolio consists of 35 office buildings, 11 industrials and 2 parking garages. The gross leasable area adds up to 430,000 m