Smaller malls not fit for redevelopment
The sale concerns small to medium-sized malls, mostly outside city centres. The Dutch shopping malls include some in Alphen aan den Rijn, Amsterdam, Heerlen and Veldhoven, while Les Portes de Cheuvreuse (in Coignières) was sold in France. All together, 120,800 sqm of shopping space was sold. The new owner is a collaboration between Mount Kellett Capital Management and Sectie5 Investments.
Corio has been disinvesting for quite a while in the Netherlands and France, as it wishes to focus on larger shopping malls (which it calls “Favourite Meeting Places”). From December 2012 onwards, it has sold 26 projects it deemed too small to convert into such a Meeting Place. That resulted in a 545 million euro revenue stream. Apparently Corio is “ahead of the disinvestment schedule”.
