Corio invests 'tens of mln eur' in Dutch, French shopping centre extensions

Corio invests 'tens of mln eur' in Dutch, French shopping centre extensions

	Published : Thu, 01 Feb 2007 08:44 By : Agencies Print this Story

AMSTERDAM (AFX) - Dutch property company Corio NV said it will invest 'tens of millions of euros' in the redevelopment of a shopping centre in the Dutch town of Almere, while in France it has bought land for the future extension of a shopping centre in Caen.

In the Netherlands, Corio signed a turnkey agreement with Fortis Vastgoed Ontwikkeling for the redevelopment of the shopping centre 't Circus.

According to Corio, the project requires an additional investment of around 22 mln eur, which was already included in the fixed pipeline.

The net yield of the project will be 'considerably' above the average of the current Dutch retail portfolio, it said. The new 't Circus is expected to be completed in 2008.

Corio France has bought 130,000 square meters of land next to the existing Cote de Nacre shopping centre in Caen for a total 18.3 mln eur, including acquisition costs and including 2.3 mln of VAT which will be recoverable.

Part of the land will be used for the extension of the shopping centre, Corio said, noting NXP Semiconductors France will remain a tenant in the industrial buildings on the other part of the land.

The total amount for renovation and an extension of approximately 15,000 square meters is estimated at 45 mln eur, Corio said.

The new centre is expected to come into operation in 2009.

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