Corio N.V. has completed the investigation, announced on 31 August 2007, into a possible sale of most of its office and industrial property portfolio. The outcome of this investigation is that this sale would fit in well with Corio's strategy. Corio has therefore decided to implement its decision to sell this portfolio. The initially expressed intention to complete the sale in the first half of 2008 still stands. Corio has appointed Jones Lang LaSalle as advisor who will guide the selling process.
In recent years, Corio has added value to the office portfolio, among other things by refurbishing and leasing the offices. However, Corio now wishes to use its financial and management resources for investing in and managing mainly dominant shopping centers. Corio's property portfolio consists of invested capital of approx. 6 billion and projects in the pipeline of over 2 billion. After the possible sale of the office and industrial property portfolio, Corio's property portfolio will consist almost entirely of shopping centers and shops.
The sale fits in with Corio's strategic focus on retail, as implemented in recent years and also communicated in its annual reports and elsewhere. Corio pursues a policy in which at least 80% of the value of the portfolio is invested in shopping centers and shops and a maximum of 20% is invested in other property sectors.
Source: Corio
