4/10/2009

Corio buys Turkish shopping centre for EUR 68 million

Reuters - On Tuesday, Dutch property group Corio announced the acquisition of Tekira shopping centre in Turkey at a total consideration of EUR 67.6 million and said the acquisition will contribute to rental earnings from March. Corio said the acquisition took place at an 8.9 percent predefined gross yield and was part of its year-end 2008 committed fixed pipeline. The shopping centre will contribute to Corio's direct investment result -- an operating income including rental income minus expenses -- from March 2009, and the current financial occupancy rate is 94 percent, the firm said in a statement. The shopping centre has a gross area of 30,600 square meters and was opened in November 2008.