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«Corio has signed the Preliminary Agreement for the acquisition of the companies that own 50% of the shares in the greater portion of Porta di Roma shopping centre (hereafter: Porta di Roma) for about € 220 million (excluding acquisition cost) at a Net Initial Yield of 6.4%.
The project will be 50/50% owned by Allianz and Corio through a joint venture structure.
The total shopping centre comprises 97,000 m² GLA and 7,200 parking units, the joint venture will be owner of 73,500 m² GLA, the remainder is owned by Auchan.
This acquisition has a steady cash flow and will fit in with Corio's strategy. It is dominant in its catchment area, the site benefits from good visibility and accessibility from the external ring road. IKEA and Leroy Merlin are part of the commercial complex.
The acquisition is subject to approval of the EU antitrust authority. It will contribute to Corio's direct result as of 1 May 2010». (CS della Società).
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