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- Germany to be added as a new home market
- Four operational shopping centres to be acquired in Germany, Spain and Portugal
- Five additional development projects to be acquired in Germany
- Total transaction value of € 1.3 billion
- Launch of up to € 600 million share offering
Following Corio’s announcement of 18 December 2009 regarding the possible acquisition of part of Multi Corporation’s (‘Multi’) portfolio, Corio has entered into an agreement with Multi under which Corio will, subject to customary conditions, acquire an operational portfolio, consisting of four shopping centres in Germany, Spain and Portugal for a consideration of € 6621 million, and a development portfolio consisting of five projects in Germany (subject to German merger clearance for two projects), requiring a total expected investment of approximately € 660¹ million. The total expected investment in relation to thetransaction is therefore approximately € 1.3¹ billion.
Upon closing, the transaction will be funded through a combination of a follow-on offering of new ordinary shares (the ‘Offering’) and Corio’s existing bank facilities. The Offering will launch today and it is Corio’s aim to raise up to € 600 million, of which approximately € 450 million will be used to partially fund the acquisition and the remainder will be used for other, existing and future pipeline projects and for general corporate purposes. APG Algemene Pensioen Groep N.V. (‘APG’), acting in its capacity of Dutch pension fund asset manager, has entered into a commitment to participate in the Offering, pro-rata to its current holding of approximately 36.8%. The prospectus for the admission to trading of the new shares offered in the Offering will be available at www.corio-eu.com and in printed form at the offices of Corio and the Managers as of Thursday 25 March”. (CS della Società)
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