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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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%).
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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...
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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 fixed and variable pipeline of French retail projects amounted to € 283.2 million at year-end 2008 (year-end 2007: € 860.5 million), including investments already made totalling € 114.0 million (year-end 2007: € 112.5 million).
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There were no office projects in the pipeline at the end of 2008.
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The total fixed pipeline in Turkey cannot be split per project as these projects are turnkey-projects with agreed yields.
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