Dutch listed property giant Corio has completed the sale of its Dutch office and industrial portfolio to Dutch asset and investment manager White Estate Investments for €650m (£514m).
Corio said the sale of the portfolio, comprising 4.63m sq ft of space across 35 offices, 11 industrial properties and 2 parking garages, completed today.
The company said the proceeds of the sale would be used to repay short-term debt and to finance its future developments. Following the sale, which was agreed in April, Corio’s portfolio is 92% retail property.
The total purchase price of the portfolio is €650m (£514m).
This was split into €622.4m (£491.9m) paid today with a further €25.8m (£20.3m) to be paid at later dates in 2008 for four properties which have been held back.
Corio will contribute €2m (£1.57m) to maintenance work needed on the properties and this has been deducted from the sale price.
Corio is still planning to sell an office and industrial portfolio in France as it seeks to be sector focussed on retail property. It is being advised on the sale by Jones Lang LaSalle.