Corio's strategy update: full focus on Favourite Meeting Places
* Full focus on Favourite Meeting Places (FMP portfolio): Increase quality of
portfolio and accelerate income growth
* Reduction of the Traditional Retail Centres (TRC portfolio): lower leverage
and recycle capital
* Proposed dividend policy: distribution of 80% - 90% of total direct result
During the Capital Markets Day today in Utrecht, Corio will provide an update on
its future strategy. Increasingly conscious of the changing retail and shopping
centre environment, Corio wants to ensure it is best positioned to take
advantage of future opportunities and dynamics in the industry. Corio has,
therefore, decided to split the overall portfolio into FMPs and TRCs. The
company decided to further specialize and fully focus on the FMP concept. The
TRC portfolio, which represents approximately 20% of Corio's total portfolio
value, will be disposed over time. The increased focus on FMPs will lead to a
superior quality shopping centre portfolio, enhanced growth opportunities and a
more sound capital structure with lower leverage.
Gerard Groener, CEO Corio: "Analysing the market dynamics, Corio sees the need
to adapt to the changing retail environment and regards further specialization
as key to enable maximizing shareholder value. The favourite meeting place
concept links this shareholder value with servicing consumers and integrating
CSR. We have undertaken a thorough review of our portfolio and based on this
review, we have identified assets that qualify as FMPs or will be able to adapt
to the FMP concept. This further specialization will consequently lead to the
disposal of the remaining assets."
Press release:
http://hugin.info/134201/R/1662313/538743.pdf
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Source: Corio NV via Thomson Reuters ONE
[HUG#1662313]
