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.
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
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.
Add to My report
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).
Add to My report
The theoretical rent for the French portfolio as a whole increased by 27.9% from € 94.8 million to € 121.2 million.
Add to My report
The theoretical rent of the French retail portfolio increased by 30.6% to € 91.7 million.
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
The theoretical rent for the French industrial portfolio rose to € 6.2 million in 2008, an increase of € 0.3 million or 4.7%, due to normal indexation: no new leases were signed.
Add to My report