UPDATE 1-APG selling 4 mln Corio shares

Tue Nov 9, 2010 10:34am GMT

Quotes

   

* Places 4 mln shares in accelerated bookbuilding

* Will remain large shareholder

* Says sale to take profits

* JP Morgan conducting the sale

(Adds details)

AMSTERDAM, Nov 9 (Reuters) - Dutch pension fund manager APG is selling 4 million shares in property fund Corio (COR.AS) in an accelerated bookbuilding procedure conducted by JP Morgan, an APG spokesman said on Tuesday.

"We will remain a large shareholder. We participated in the rights issue, and now we are reducing our stake slightly," he said. APG has a stake of 37 percent, or 31 million shares, in Corio, which was created in a split from the pension fund.

"The share price has increased since the rights issue, so we are taking profits," the spokesman added.

Corio issued 600 million euros' worth of shares in March at a price of 45 euros each.

At 1002 GMT, Corio shares traded down 4.27 percent at 48.6250 euros. Its 12-month high was 54.25 euros, reached on Oct. 26.

Corio was formed in 2000 out of a merger of VIB and WBN. WBN was a unit of ABP, the owner of APG.

The second-biggest holder of Corio, with 5.09 percent, is pension fund PGGM. (Reporting by Marcel Michelson; Editing by Will Waterman)

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