Holland Corio: Bulgaria floods with plazas

21.06.2008

“At the moment the Bulgarian market is flooding with merchant's plazas, and the rates that are paid cannot no longer be identified as Good Starting developing Market. The development of the market there largely is followed at the moment.”- this was announced in Dow Jones Newswires from Gerard Gruiner , An executive director of one of the biggest public real estates companies in the Europe- Dutch Corio NV.
Corio were plans of live expansion in Bulgaria, but the lack of” proper management” and the fast increasing rates to the real estates have led stagnation of the projects of the company in Bulgaria, told Gruiner.
Elce Corio scheduled large gettings in 2009 by as playing the fiscal weakness at companies that they have been most badly affected by the credit crisis, uncovered Guinter.
Corio aims to sell French portfolio in a office-buildings as well as more small buildings with trade areas in Holland, as the first deal is possible to be gained later this year or at the beginning of 2009.The assets are valued at 400 million euros in France and can be sold in a packet or by separately.
In April Corio sold its portfolio of a office and industrial areas in Holland for 650 million euros. The group plans to concentrate on the trade segment with which to reflect the approach of its bigger French rival Unibali-Rodamco.
The forthcoming acquiring most probably will be in progressing fast economies as those in Central and Eastern Europe, Where the company planned to expand from the base in Turkey, Gruiner specifies.
The Dutch company has market capitalization of nearly 3, 6 billion euros and is included in the index AEX. The net profit of the group for the last year is 802 million euros.
To 31of December 83 of the hundred from the Corio portfolio was formed by trade areas, from which 42% are in Holland, 27 % in France, 17% in Italy, 8% in Spain and 6 % in Turkey.

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