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Dutch Corio sells French properties for $137 mln

Source: Reuters - Mon 1st Feb 2010

Dutch property group Corio said late on Sunday it had sold two properties at about their book value in France for a combined 97.9 million euros($137.5 million) as part of its focus on high growth retail shopping centres.

Corio said it sold the Bordeaux Megastore for 67.3 million euros to focus on shopping centres with more growth potential and an office in Rueil Malmaison for 30.6 million euros as part of its office and industrial portfolio disposal plan.

The Dutch property group, which competes with French-Dutchgroup Unibail-Rodamco and France's Klepierre said it sold the Bordeaux Megastore to Westinvest InterSelect, a subsidiary of the DekaBank Group.

The net theoretical yield at the time of the disposal was slightly under 6 percent.

It also sold the Freres Peugeot Office building in Rueil Malmaison to Citadel. The net theoretical yield at the time ofthe disposal was around 8 percent, Corio added.

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