Real estate investor Corio has sold 11 shopping malls for 213 million euro, "27 % below the book value of 30 June 2013". Ten of those are in the Netherlands, the last (and largest) one is in France.
Smaller malls not fit for redevelopment
The sale concerns small to medium-sized malls, mostly outside city centres. The Dutch shopping malls include some in Alphen aan den Rijn, Amsterdam, Heerlen and Veldhoven, while Les Portes de Cheuvreuse (in Coignières) was sold in France. All together, 120,800 sqm of shopping space was sold. The new owner is a collaboration between Mount Kellett Capital Management and Sectie5 Investments.
Corio has been disinvesting for quite a while in the Netherlands and France, as it wishes to focus on larger shopping malls (which it calls “Favourite Meeting Places”). From December 2012 onwards, it has sold 26 projects it deemed too small to convert into such a Meeting Place. That resulted in a 545 million euro revenue stream. Apparently Corio is “ahead of the disinvestment schedule”.