UTRECHT, NETHERLANDS-Retail property company Corio has entered into an agreement with Multi Corp. under which Corio will purchase four shopping centers in Germany, Spain and Portugal. The deal is based on a consideration of $884 million and a development portfolio consisting of five projects in Germany for approximately $881 million. The purchase consists of 15% of Gouda, Netherlands-based Multi’s property portfolio.

The centers include the two in Germany (Forum Duisburg and Centrum Galerie Dresden), one in Spain (Espacio Torrelodones) and one in Portugal (Espaço Guimarães). The development projects are Schloßstraße (Berlin), Arneken Galerie (Hildesheim), Königsgalerie (Duisburg) and two other development projects. For the German assets in which Multi currently owns 100%, Corio will acquire a 94.99% interest, with Multi retaining the remaining 5.01% interest. In Spain and Portugal, Corio will acquire a 100% interest.

Corio and Multi will each have a reciprocal right of first offer on any new German development project for a period of five years. In addition, the transaction provides Corio with an option to acquire two further Multi development projects, Forum Roma (Rome) and Espacio Cañaveral (Madrid) within two years.

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