Corio acquires a shopping centre in Italy

Corio bought the shopping centre Il Maestrale at Senigallia, Italy, (excluding the hypermarket) for € 23.4 million and sold shopping centre De Scholver at Capelle aan de IJssel, The Netherlands, for € 12.8 million.

Il Maestrale
The shopping centre Il Maestrale, built in 1999, has a total area of 20,000 m², and 1,400 parking spaces. Corio bought 100% of the shopping gallery (7,500 m² gross lettable area). The remaining area (12,500 m²) is owned and occupied by the hypermarket Ipercoop. The shopping gallery has 50 shopping units let to international chains like Benetton, Sisley and Prenatal and regional and local shops. The shopping gallery has an occupancy rate of 100%. The gross initial yield is 8.6%. The average term of all rental contracts is five years and approximately 70% of the rental contracts (in €) will expire as from September 2004 and in 2005. The contractual rents are below current market rents.

Senigallia is a town on the Adriatic coast, at 30 kilometres north of Ancona. The centre is situated six kilometres from Senigallia. The centre is open six days a week, however during the summer months (half June - half September) the centre is open seven days a week due to the large number of tourists visiting the area.

Corio added Italy as a new home market through the acquisition of the Trema-portfolio. This local presence contributed to the successful acquisition of Il Maestrale. Pictures and floorplans of this shopping centre are available on Corio´s website (address: via Retail, click on the map of Italy).

De Scholver
Shopping centre De Scholver at Capelle aan de IJssel (The Netherlands) with a gross lettable area of 6,500 m² and 236 parking spaces has been sold for € 12.8 million. Corio has sold this shopping centre because it already has a dominant position in the Rotterdam area with the Alexandrium I shopping centre.

Source: Corio N.V.

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