Merger between VIB and WBN to Corio with a total portfolio of € 2.7 billion.
VIB (Vastgoedfonds voor Institutionele Beleggers) was founded in 1963 by six pension funds and associations who bundled their real estate knowledge. VIB was listed in 1984. The VIB portfolio was a mixed portfolio with retail, offices and industrials in the Netherlands, France, Spain, Germany and the United States. WBN (Winkel Beleggingen Nederland) was ABP’s (Algemeen Burgerlijk Pensioenfonds) retail real estate daughter company. The portfolio existed mainly of shops and shopping centres in the Netherlands. Corio’s focus changed to retail and particularly shopping centres in Europe. Moreover the in house centre-management concept which was already in development at WBN, was introduced across Corio.
Corio withdraws from the United States.
The last office building in the United States was sold; Corio's investments in European real esate remained.
Aquisition Trema, addition Italy as new core country.
The Trema portfolio existing of 10 high-quality shopping centres in France, Italy and Spain was aquired including the local management organisations. With these transactions Italy was added as new core country to Corio’s portfolio. The French and Spanish organisations achieved sufficient critical mass to manage the portfolio efficiently.
Corio opts for SIIC status.
For almost the whole French portfolio Corio opts since 1 January 2005 for the tax regime which applies to Société d'Investissement Immobiliers Cotées (SIIC). With this regime the company obtains (under conditions) a tax exemption for both rental income from her French real estate, and capital gains at the sale of the French real estate. The SIIC regime is comparable to the status of the Fiscale Beleggingsinstituut (FBI) in the Netherlands which Corio already had from her VIB past.
Addition Turkey as new core country through the acquisition of shopping centre Akmerkez.
Corio has acquired a 46.9% interest as the major subscriber in the IPO of Akmerkez GYO, which owns 96.5% of the leading shopping centre Akmerkez in Istanbul. The shopping centre Akmerkez has been a leading shopping centre in the Istanbul retail sector since it opened in 1993 and has become a standard itself.
Corio has completed the issuance of USD 980 million
of the USD 1,210 million (€ 920 million) of senior unsecured notes through a private placement to 33 institutional investors. Closing of the remaining USD 230 million is due to take place in May 2007. The proceeds will be used to refinance parts of the existing debt and to finance projects currently in the pipeline. The transaction is in line with Corio’s internal guideline to finance between 1/3 and 2/3 of its debt at fixed rates and to aim for an average financing term of more than five years.
Corio has sold its Dutch offices and industrial portfolio
for € 650 million. Year end 2008 the share of retail was 92%.
Corio has successfully raised € 258 million
through an accelerated bookbuild offering of 7,940,575 shares with institutional investors at a price of € 32.50 per share.
Corio acquired 4 shopping centres and 5 development projects from Multi
or € 1.2 billion and has successfully raised € 600 million. With the acquisition Corio added Germany as a new home country to its portfolio. Corio issued two bonds (€ 250 million and € 500 million).
Corio announced that it will focus on Favourite Meeting Places.
The Traditional Retail Centres will be sold within 3 to 4 years (total value € 1.4 billion).