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“Corio has sold three properties in France and five non-strategic retail properties in the Netherlands for in total €142.0 m in Q4 2010. The disposals were part of Corio’s plan to sell the French offices and industrial portfolio and a number of small retail properties in the Netherlands and France in order to focus on shopping centers where Corio can create Favourite Meeting Places.
The disposals relate to the following properties:
Name City m2 GLA Price (€ m) Occupancy Buyer
France
MB 9 (O) Nanterre 9,200 43.9 100% Unofi
FNAC Warehouse (I) Massy 56,000 41.6 100% AMB
Galerie des Clefs (R) Colmar 5,000 3.0 76% Independents
Total France 70,200 88.5
Netherlands
Soendaplein (R) Haarlem 3,200 5.6 100% Ahold Vastgoed
Eschmarke (R) Enschede 2,700 6.7 96% Stichting
Pensioenfonds
Fysiotherapeuten
Vliethof (R) Wateringen 4,200 12.1 100% Stichting
Pensioenfonds
Fysiotherapeuten
De Vlashoeck (R) Bergschenhoek 4,100 13.2 100% Sectie5 Investments
Veluwepoort (R) Epe 5,800 15.9 100% Stichting Vastgoed
Beheer Hoorn
Total Netherlands 20,000 53.5
TOTAL 90,200 142.0
On average, the properties were sold above the book value at year end 2009. The NTY* for the
properties sold in Q4 2010 was 6.1%.
* Net Theoretical Yield: NTY: theoretical rent 12 months forward minus operating expenses divided by net value on date of selling
Disposal plan
Corio’s disposal plan consisted at the beginning of 2010 of small retail assets and the offices and industrial portfolio of around € 450 m in France and a number of small retail assets of around € 150 m in the Netherlands to be sold before the end of 2011. At this moment Corio has sold around € 156 m in France and € 80 m in the Netherlands of the disposal plan”.
(CS della Società).
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