Intended sale of Corio's office and industrial property portfolio
Corio N.V. has completed the investigation, announced on 31 August
2007, into a possible sale of most of its office and industrial
property portfolio. The outcome of this investigation is that this
sale would fit in well with Corio's strategy. Corio has therefore
decided to implement its decision to sell this portfolio. The
initially expressed intention to complete the sale in the first half
of 2008 still stands. Corio has appointed Jones Lang LaSalle as
advisor who will guide the selling process.
In recent years, Corio has added value to the office portfolio, among
other things by refurbishing and leasing the offices. However, Corio
now wishes to use its financial and management resources for
investing in and managing mainly dominant shopping centres. Corio's
property portfolio consists of invested capital of approx. ¤ 6
billion and projects in the pipeline of over ¤ 2 billion. After the
possible sale of the office and industrial property portfolio,
Corio's property portfolio will consist almost entirely of shopping
centres and shops.
The sale fits in with Corio's strategic focus on retail, as
implemented in recent years and also communicated in its annual
reports and elsewhere. Corio pursues a policy in which at least 80%
of the value of the portfolio is invested in shopping centres and
shops and a maximum of 20% is invested in other property sectors. For
a detailed explanation of Corio's strategy, please refer to Corio's
website: www.corio-eu.com.