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UTRECHT, THE NETHERLANDS-Locally-based Corio has raised $361.6 million through a stock offering. The Pan-European real estate company sold 7.9 million shares for $45.55 per share.

“We expect that the current economic situation will generate attractively valued opportunities in the near to medium term in Corio’s home markets. In line with its strategy to build a premium quality portfolio of sustainable shopping centers Corio is preparing to take advantage of these opportunities,” CEO Gerard Groener says. “The accelerated bookbuild offering will allow Corio to take advantage of the most compelling opportunities while maintaining its strong balance sheet and financial flexibility.”

The offering consisted of 6.9 million new shares and an additional 1 million shares from the company’s treasury. The money raised will be used to fund acquisitions.

ABN AMRO Bank and J.P. Morgan Securities were joint bookrunners for the offering.

Corio owns properties in the Netherlands, France, Italy, Spain and Turkey. While its portfolio consists of all commercial property types, 94.6% of it is shopping centers. The firm held property in the US until pulling out in 2001.

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