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Corio NV : Corio's first quarter 2014 update


May 7, 2014 - London

Business update for the period 1 January - 31 March 2014

HIGHLIGHTS

- Footfall and tenant sales improved 0.9% and 0.7%, respectively

- GRI like-for-like slightly down, but better than Q4 2013, expected to improve during the remainder of 2014 driven by an increase in occupancy

- GRI like-for-like in Italy outperformed with 3.7% in Q1 2014 despite flattish growth of footfall and tenant sales

- Successful opening of Nave de Vero near Venice (17 April 2014) with a 98% occupancy rate

- Vast majority of disposal programme completed

Gerard Groener (CEO): 'The turn we started to make in the second half of 2013 is continuing. The first quarter of 2014 showed better performance than the last quarter of 2013. A number of large assets, predominantly in France and Italy, where we completed a repositioning in the second half of 2013, have a positive impact on the performance. While GRI like-for-like is slightly negative, though better than in Q4 2013, we expect to see further improvement during the remainder of the year. We have sold 31 assets which represent the vast majority of our disposal programme. The remainder currently accounts for less than 8% of our total portfolio and we will integrate this in our regular asset allocation process with the objective to actively recycle capital on a continuous basis. The average value of the shopping centres increased to € 125 m and the top 25 represents over 70% of the total portfolio.'

CONFERENCE CALL Q1 2014 UPDATE
Gerard Groener (CEO) and Ben van der Klift (CFO) are available for questions on Thursday 8 May 2014 at 10.00 CET. You can listen to the call and ask questions by dialling: +31 (0)20 7965 008 or +44 (0)20 7162 0077, Conference ID: 944091. You can also listen to the call via: http://corio.dutchview.nl/corio20140508-q1. More details about the audiocast and call (more toll free numbers) can be found on Corio's website: www.corio-eu.com.

Press release



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Corio NV via Globenewswire

HUG#1783542

GlobeNewswire

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