Gerard Groener, CEO Corio: Following the strategy as presented during our 2012 Capital Markets Day, we started a transition in 2013, which proved to be a very difficult year for us. Clearly we are dissatisfied with the operational performance. Nevertheless we have laid the foundation for improvements in the years to come.

The disposal program of non-core assets is ahead of schedule and is now already more than 50% completed. We took tough decisions on the pricing of the disposals, now benefitting from the ? 582 m cash proceeds, available to recycle into our best assets. This enables us to become even more focused on our core portfolio of high quality retail assets, that now reflects 91% of the total portfolio.

We completed the restructuring of four of our top assets, representing over 427,000 m2. Re-tenanting with leading brands, H&M, Primark and the Inditex brands alone increasing their space with 19,000 m2, turned out to be a big success. Over 2014, we will see three more large assets coming into full operation after (re)development, representing another 125,000 m2.

While the macro-economic environment will remain difficult, we see the trend changing. We see first signs that conditions are slowly improving. Recognising this, Corio is implementing short-term action plans to ensure that the FMP portfolio is best positioned to benefit from these improvements.

Press release:
http://hugin.info/134201/R/1761452/596369.pdf


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Source: Corio NV via Globenewswire
HUG#1761452