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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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 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 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 theoretical rent of the French retail portfolio increased by 30.6% to € 91.7 million.
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The theoretical rent for the French offices portfolio rose by € 4.6 million (24.6%) to € 23.3 million.
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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.
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Top 5 tenants Corio France
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