Listed Dutch company Corio has struck an agreement to sell its entire national industrial and office portfolio to a consortium led by White Estates Investments for €650m (£511m).
The agreement comes six months after Corio announced it would sell its offices and industrial property holdings comprising 17% of the total. The company, whose chief executive Jan de Kreij, stepped down late last month, is still to sell its offices and industrial property France.
Corio opted to sell the properties in order to focus on its retail portfolio. The company said in a statement: ‘Interested parties were invited to make an offer for one of four
portfolio’s; the major part of the offices or all industrial properties in the Netherlands or France, or all of these portfolio’s combined.’
‘Corio had a preference for the latter for reasons of efficiency and the possibility of capturing a portfolio premium. After careful consideration Corio decided, based on the offers received, to negotiate a separate sale for the portfolio in the Netherlands as a whole and defer the sale of the French portfolios.’
‘More shareholder value is expected to be created through sale of individual or a group of several assets in France at a time when the financial markets have recovered from the current negative sentiment.’
The Dutch office and industrial portfolio consists of 35 office buildings, 11 industrials and 2 parking garages. The gross leasable area adds up to 4.6m sq ft.