Property group Corio to cut retail portfolio by €1.4bn

Property investment group Corio has put Villa Arena, its furniture and household fitting mall in Amsterdam’s Zuidoost district up for sale, the Financieele Dagblad reports.

Corio chairman Gerard Groener told the paper the complex is part of a €1.4bn package of divestments in the Netherlands and France the company is planning to make.
Shopping centres for daily shopping needs and specialised centres like Villa Arena are no longer key to the company’s portfolio, Groener said.
Analysts described the sale as challenging, given the downturn in demand for Dutch retail property.
Corio has already sold property worth €500m this year and has set aside four years to reach the €1.4bn target, Groener said.

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