Corio has acquired Boulevard Berlin from Multi Corporation ('Multi') for â‚¬
366.0 m at a net initial yield of 6.0%. Boulevard Berlin is one of the largest
shopping centres in Berlin with 86,000 m(2) GLA and 850 parking spaces, located
in the popular shopping destination SchloÃŸstraÃŸe. Boulevard Berlin will add to
Corio's result as of 15 January 2013. The acquisition was part of the Multi
transaction that was announced on 25 March 2010. Next to the handover of
Boulevard Berlin Corio and Multi have ended their cooperation in Germany and
will continue their activities independently.
Gerard Groener: 'With the handover of Boulevard Berlin, the Corio portfolio in
Germany reaches the size of a strong platform. Near future goals are to enhance
this relatively young portfolio by increasing footfall and sales for our
tenants, creating shareholder value. Once established Corio aims to grow its
German presence.Â All properties are located downtown and fit with the Favourite
Meeting Place concept'.
The Boulevard Berlin occupancy inGLA currently is 88%. Multi has provided a
rental guarantee that covers any vacancy up to an amount of â‚¬ 15.25 m to Corio
for a period of three years. The rental guarantee also covers the remaining
vacancy in KÃ¶nigsgalerie in Duisburg and Arneken Galerie in Hildesheim.
With its location, tenant mix, size and potential for organising events,
Boulevard Berlin definitely fits within Corio's strategy to create Favourite
Meeting Places. Corio will rapidly implement a full range of marketing
activities: boosting the name of Boulevard Berlin with all possible social
media, radio commercials, billboards on strategic locations, exhibitions and
high class events.
Corio aims for an annual footfall of at least 13 million per year after
stabilisation. Corio will also implement its loyalty system Britelayer
(www.britelayer.com) as soon as possible.
Corio currently has five operational shopping centres in Germany, total value of
Corio's portfolio in Germany is over â‚¬ 1 billion which amounts to approximately
14% of Corio's total portfolio (based on 30 September 2012 value).
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Source: Corio NV via Thomson Reuters ONE