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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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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The theoretical rent of the retail portfolio (excluding associates) rose by 15.3% from € 293.8 million at year-end 2007 to € 338.7 million at year-end 2008. The theoretical rental income rose partly through net acquisitions and disposals and partly through indexation and new and adjusted rental contracts.
Net rental income rose by 14.6% in 2008 (2007: 14.7%) to € 283.9 million. The increase of € 36.1 million was mainly attributable to acquisitions and disposals. The acquisition of the Grand Littoral shopping centre in Marseille in March 2008 and of the IKEA outlet at Le Gru in Turin in December 2008 contributed a total of € 11.6 million to net rental income, for instance.
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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.
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Since the disposal of the Dutch industrial, the industrial portfolio has consisted only of a number of properties in France. No changes occurred in the French portfolio, as a result of which the ‘like-for-like’ rental growth of properties that were operational in both 2007 and 2008 amounted to 3.8%.
The occupancy rate of the industrial portfolio fell from 98.1% to 98.0%. A major lease contract will expire in France in 2010.
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The value of the operational property portfolio rose in 2008 from € 5,272 million to € 5,562.9 million.
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The revaluation of the operating portfolio in 2008 amounted to -5.4% in comparison with the value at year-end 2008 before revaluation.
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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 French offices portfolio increased in value from € 320.9 million at year-end 2007 to € 325.1 million at the end of 2008.
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