Corio chiude un loan da 100 milioni con ING Real Estate Finance

06/01/2009

 
«Corio closed a € 100 m loan with ING Real Estate Finance with a duration of 2 year and an interest rate of 3 months Euribor with 250 bps spread. The proceeds are used for general corporate financing purposes.

As announced in the press release of 3 December 2007 the Supervisory Board of Corio N.V. has appointed Mr. Gerard Groener as Chairman of the Management Board (Chief Executive Officer, CEO) as from 1 May 2008. Mr. Groener has been a member of the Management Board for two years (from 1 May 2006) and has been reappointed after notification of the Annual General Meeting of Shareholders of 29 April 2008. Mr. Groener is appointed as CEO for a period of 4 years. Mr. Groener has by now 21 years experience in the real estate sector. Groener’s career started in 1985 working for Akzo in several functions, ultimately as acquisition manager real estate for the Akzo pension fund until 1993. Between 1993 and 1996 he worked for Van Wijnen as a project developer. He became Managing Director of Corio Nederland Retail after the merger in December 2000 between VIB and Winkel Beleggingen Nederland (WBN), where he started in 1996 to join the Management Board of WBN in 1998. In May 2006 Mr. Groener joined the Management Board of Corio N.V. and as per 1 May 2008 he has been appointed as CEO of Corio N.V. In addition, Mr. Groener is chairman for the NRW (Dutch council of shopping centres) and is Chairman of the Dutch district council of
ULI (Urban Land Institute) Netherlands. Mr. Groener will receive a fixed gross annual salary of € 350,000, including holiday allowance. In addition, he is entitled to a short-term bonus of 40% and a long-term bonus of 60% of the gross annual salary when his performance is ‘at target’. Excellent performance can be rewarded with a bonus multiple of maximum 1.5. The contribution that will be made available by Corio towards an individual pension is set at 20% of the gross annual salary. The remuneration of Mr. Groener is in accordance with the remuneration policy as adopted by the shareholders meeting of 29 April 2008. In case of dismissal, Corio will indemnify Mr. Groener with a minimum amount of the last gross annual salary. With this announcement Corio fully complies with the Tabaksblat Code regarding the remuneration of its Management Board members.

At year end 2008 Corio sold 13 properties to various investors for a total amount of € 78.6 m, this is approximately 4% below year end 2007 book value (plus investments in the course of 2008). The average NIY (theoretical rent for next year minus operating expenses divided by sales price) of the sold portfolio is 6.3%.

Profile Corio

Corio is one of the largest listed property investment companies with a focus on retail in Europe. Shopping centres in the Netherlands, France, Italy, Spain and Turkey make up 92% of Corio’s portfolio of € 6.4 billion on 30 September 2008. Corio manages its own shopping centres. Corio is listed on Euronext Amsterdam (shares and 3/6/9/12-month options) and Euronext Paris and is included in the principal indices: Euronext100 and AEX» (CS della Società).