During the year under review, the focus on retail increased still further. The share of retail in the overall portfolio rose again to 92% (2007: 83%) through the disposal of the Dutch offices and industrial portfolio and the addition of a number of dominant centres or outlets in dominant centres.
By the end of 2008, the property portfolio was spread more evenly over the home markets: the Netherlands 33% (2007: 42%), France 34% (27%), Italy 19% (17%), Spain 8% (8%) and Turkey 6% (6%).
Add to My report
Following the sale of the Dutch offices, the office portfolio accounted for only 6.8% of the total portfolio at year-end 2008, with 80% of these offices in France, concentrated in the Paris region.
Net rental income diminished primarily as a result of the sale of the Dutch office portfolio. The increase in France resulted from the acquisition of the remaining 30% share of Balzac in Courbevoie-La Défense.
Add to My report
The revaluation of the operating portfolio in 2008 amounted to -5.4% in comparison with the value at year-end 2008 before revaluation.
Add to My report
Projects in the variable pipeline are specific acquisition projects or projects in the existing portfolio that have potential for development or redevelopment, but have not reached the same stage of compliance with the above criteria...
Add to My report
Economic growth in 2008 was considerably down on 2007, at 0.7% versus 2.2%. Declining consumer confidence and the deteriorating economic climate depressed household demand for services. The knock-on effect of this is a fall in employment and therefore a decline in demand for office space. Generally speaking, the take-up of office space in the Paris region remained healthy in 2008, driven mainly by the desire on the part of many tenants to reduce their accommodation costs and search for suitable office space particularly on the ring road around Paris.
Add to My report
The French offices portfolio increased in value from € 320.9 million at year-end 2007 to € 325.1 million at the end of 2008.
Add to My report
The theoretical rent for the French offices portfolio rose by € 4.6 million (24.6%) to € 23.3 million.
Add to My report
There were no office projects in the pipeline at the end of 2008.
Add to My report