Corio sells number of offices

Corio has sold three office buildings and a multi-functional complex in The Netherlands, France and Spain for a total of € 41 million.

The sales are part of the phased strategic plan announced at the presentation of the annual figures on 8 March 2002. Under this plan, sales amounting to €300 – €450 million, mainly of office buildings, will be completed during the next eighteen months. These sales will strengthen the balance sheet and allow Corio to grow further in European retail property.

In The Netherlands, the office at Europalaan 20, Utrecht, (6,100 m2 and 111 parking spaces) and the multi-functional complex (residential, retail space and a cinema) on the Oostkade in Zaandam were sold for € 8 million and € 5 million respectively. The ‘Le Vauban’ office in St. Quentin-en-Yvelines in France (5,800 m2 and 138 parking spaces) was sold for € 9 million. The office on the Paseo de Gracia in Barcelona, Spain, (4,800 m2 and 49 parking spaces) was sold for € 19 million.

The proceeds from the sales of these properties were higher than the valuations at the end of 2001.

(source: Corio)

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