Corio sells 11 shopping malls for 213 million euro

Corio sells 11 shopping malls for 213 million euro

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”.

Questions or comments? Please feel free to contact the editors


Delhaize is highlight of new shopping center in Luxembourg

07/09/2017

Shopping center Borders has just opened its doors, right near Schengen. The largest Delhaize store in the Grand Duchy of Luxembourg is its major attraction and should house about two dozen retailers in the near future.

Mitiska Reim acquires its first German retail park

06/09/2017

Belgian real estate firm Mitiska Reim bought a retail park in the German city of Mönchengladbach. It was a collaboration with Luxembourg Investment Group and the group’s first German acquisition.

European retail rental prices continue to soar

20/07/2017

A recent study from research firm CBRE shows that rental prices for Europe’s most expensive retail locations are still on the rise. It is the only region that still experiences growth for retail real estate.

Mitiska REIM acquires 11 Romanian retail parks

23/06/2017

Mitiska REIM has acquired Romanian Alpha Property Development’s portfolio of eleven profitable retail parks and three development projects. The Belgian real estate firm is now the market leader in Romania.

Raad van State suspends Uplace's environmental permit

30/03/2017

Uplace will have to put its construction plans for Machelen on hold once again because the Raad van State just suspended the environmental permit the Flemish government had approved.

Redevco buys new store location in Paris

24/01/2017

Real estate firm Redevco bought a store location, including stores like Tiffany & Co and Glasshütte, in the Rue de la Paix in Paris from Savills Investment Management. Neither party wished to disclose the fee for the acquisition.

Back to top