Corio buys 49 pct stake in Italian shopping centre for 87 mln eur |
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Tue, 20 Feb 2007 08:16
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AMSTERDAM (AFX) - Corio NV said it agreed to acquire a 49 pct interest in the shopping centre Citta Fiera in Udine, Italy, for around 87.0 mln eur.Citta Fiera will contribute to Corio's earnings per share with retroactive effect from Jan 1, 2007.Of the 49 pct stake, Corio bought 2 pct from Finanziaria Bardelli and 47 pct from Financiere Concorde, the company that owns Citta Fiera and which will continue to hold the remaining 51 pct.Both parties have agreed that Corio is entitled to the right of first refusal if Financiere Concorde decides to sell the other 51 pct to a third party.Of the total acquisition price, 47.5 mln eur will be paid in cash and 38.5 mln by participating in the net debt of the company.The centre comprises around 70,800 square meters gross leasable area (GLA) in total, of which approximately 14,800 square meters are not part of this transaction.Citta Fiera currently has an occupancy rate of 99 pct.amsterdam@afxnews.comls/jsaCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Corio invests 'tens of mln eur' in Dutch, French shopping centre extensions 