Corio portfolio formally acquired by White Estate Investments
25-09-2008
Corio and the consortium led by White Estate Investments (WEI) have today successfully finalized the acquisition of Corio’s Dutch office and commercial property portfolio. The transaction volume, including costs and taxes, amounts to approximately EUR 700 million.
Led by White Estate Investments (WEI), the acquisition of Corio’s Dutch office and commercial property portfolio has now been finalized. On 25 April this year a consortium of Dutch investors signed the purchase contract.
The portfolio comprises a total of 11 industrial buildings, 2 multi-storey car parks and 35 office buildings with a lettable floor area of 430,000 sqm. A major part of the total portfolio has been structured to form the Omega Fund. The office buildings are mostly located in the Randstad conurbation, each one with an average area of about 5,000 sqm. The fund has an opportunistic character and will be optimized through active asset management. The management of the Omega portfolio is in the hands of WEI. The industrial properties and a number of trophy buildings on long leases have recently been sold to a number of institutional and other investors.
At the same time as the transfer of the portfolio, eleven employees of Corio Nederland Kantoren have entered the employment of White Estate Investments. This is in line with WEI’s aim to achieve growth and broaden its investment management activities.
For this acquisition Loyens Loeff acted as legal adviser, Royal Haskoning assessed the technical and environmental aspects of the portfolio, PKF Wallast acted as tax adviser and DTZ Zadelhoff acted as valuer. FGH, SNS and HSH Nordbank acted jointly as financing partners, FGH acting as lead arranger.
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