Corio to invest 120 mln eur in Paris office redevelopment; sells floor in Spain |
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Tue, 20 Mar 2007 09:20
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AMSTERDAM (AFX) - Corio NV announced it will invest 120 mln eur in an office redevelopment project outside Paris, while the property company has also sold an empty office floor of its former 'Mar de Cristal' building in Madrid for 6.3 mln.The 120 mln investment will convert 'Le Newton,' a 12,000 square metre building Corio has owned since 1999, into a 42,000 square metre office facility.Corio is anticipating a continuation of 'current positive office market developments both from an occupier demand and investor perspective', following record occupancy of 2.6 mln square metres of office space in 2006 and falling vacancy rates in and around Paris.The project, which should be complete by early 2009, will offer renters space for around 230 eur per square metre compared with the average of 300 eur per square metre for the Parisian region, the company said.Corio also announced the sale of a vacant floor in the 'Mar de Cristal', a Madrid building Corio sold to AXA in 2004. The floor, 2,938 square metres in gross area, was not part of the sale because the local government had planned to create an underground train station there.Corio will now invest 2.3 mln to convert the vacant floor into office space before handing it over to Axa and netting a 4 mln eur profit. After a revaluation, a book profit of 1 mln remains.dave.vanginhoven@thomson.comdvg/ms1COPYRIGHTCopyright AFX News Limited 2007. 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 