Corio is a closed-end investment institution, listed on Euronext NYSE in Amsterdam and Paris, which is active in five countries: the Netherlands, France, Italy, Spain and Turkey. Corio specialises in (re)developing and operating shopping centres. Corio is a fiscal investment institution (FBI) in Dutch law and has a SIIC status in France.
The operating portfolio is valued at € 5.8 billion (1.6 million m2 in 113 projects, of which 95 are shopping centres). Corio is also expanding this portfolio via extension, redevelopment and new-build projects totalling € 2.7 billion (780,000 m2 in 40 projects), a large proportion of which consist of extensions of existing centres. When the projects in the pipeline are completed, Corio will ultimately have a portfolio of 129 projects with a gross lettable area of 2.4 million m2.
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The financial crisis which manifested itself at the end of 2007, spreading from the United States to the rest of the world, ultimately also had consequences for the economy in 2008.
The effect was exacerbated by the combination of a shrinking economy and a shortage of credit that prevented companies, both large and small, financing the growth of their businesses. The financial world and the economy faced several setbacks in 2008, of a kind previously thought impossible. Rescue operations by central governments for both banks and companies, following the example set by
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The new or renovated centres that we opened in 2008 all increased in value on opening and made positive contributions to the direct result from the start.
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Corio performs its activities in five countries: France, Italy, the Netherlands, Spain and Turkey.
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Through active centre management and letting management, Corio France achieved an occupancy rate of 96.9% for the portfolio as a whole and increased rents by 26.9% on contracts that were extended or renewed in 2008 (4.8% of total gross rental income).
March
Acquisition of the supra-regional Grand Littoral shopping centre in Marseille, the fourth largest shopping centre in France, with a gross lettable floor area of 120,000 m2 and approximately 13 million visitors per year. The total acquisition cost of 57,000 m2 gross lettable floor area was € 412.6 million (including purchase costs).
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The French economy cooled down markedly during 2008, taking the growth rate lower than a year earlier (0.7% versus 2.2% in 2007).
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The value of the total French portfolio increased from € 1,730 million at year-end 2007 to € 2,083 million at year-end 2008. 81.4% of the total portfolio was invested in shopping centres and shops, 15.6% in offices and 3.0% in industrial premises. Acquisitions were completed for a total of € 465.6 million. Investments were made in both the pipeline and the portfolio to a total of € 56.3 million and one property was sold for € 3.0 million.
The revaluation (including sales results) for 2008 amounted to € 166.0 million negative, equivalent to -7.4% (2007: 13.8%) compared with the book value at year-end 2008 before revaluation.
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The theoretical rent for the French portfolio as a whole increased by 27.9% from € 94.8 million to € 121.2 million.
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The value of the French retail portfolio increased from € 1,337 million at year-end 2007 to € 1,697 million at the end of the year under review. The French retail portfolio consists of 23 retail properties with a total gross lettable floor area of 364,100 m2, including two supra-regional centres, four regional centres, three large centres, two small centres, two retail parks and five centres in inner-city locations. Acquisitions were completed for a total of € 434.0 million; € 63.7 million was invested in the portfolio and the pipeline and an individual retail unit in Bobigny was sold for € 3.0 million. In addition, the value of the French retail portfolio was written down by € 135.6 million.
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The theoretical rent of the French retail portfolio increased by 30.6% to € 91.7 million.
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