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).
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The value of the French retail portfolio increased from € 1,337 million at year-end 2007 to € 1,697 million at the end of the year under review. The French retail portfolio consists of 23 retail properties with a total gross lettable floor area of 364,100 m2, including two supra-regional centres, four regional centres, three large centres, two small centres, two retail parks and five centres in inner-city locations. Acquisitions were completed for a total of € 434.0 million; € 63.7 million was invested in the portfolio and the pipeline and an individual retail unit in Bobigny was sold for € 3.0 million. In addition, the value of the French retail portfolio was written down by € 135.6 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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12 shopping centres in Corio France’s portfolio attracted a total of 56.5 million visitors on an annual basis in the year under review.
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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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Les Trois Moulins is located in Issy-les-Moulineaux, a suburb of Paris, and is situated immediately south west of the Boulevard Périphérique (the Paris ring road). The centre is conveniently close to the tram link from Issy-les-Moulineaux to the Paris business district La Défense. The centre’s main anchor, an Auchan hypermarket, recently underwent expansion and has therefore leased more space from Corio. As there are not many hypermarkets close to the centre of Paris, the centre is at a great advantage. Other key anchors include H&M, Etam, Stradivarius, Sergent Major and Marionnaud. Les Trois Moulins was bought by Corio in 2001 as part of the Trema portfolio (which included shopping centres in France, Italy and Spain).
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Most of the shopping centre’s catchment area is in the commune of Issy-les-Moulineaux, a busy, dynamic urban area.
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In order to ensure the needs of customers are met, a survey of local residents and visitors to the centre is conducted every two to three years for each shopping centre in France.
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The findings of the survey showed that the time had clearly come for action and that Les Trois Moulins could certainly do better.
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Les Trois Moulins is a shopping centre located in the highly urbanised Ile de France region, close to the French capital. Ile de France is the most densely populated region of France; the catchment area has around 480,000 inhabitants spread across some 230,000 households.
The unemployment rate is below average while the average income, at almost € 42,000, is well above the national and regional average.
The catchment area contains a relatively high proportion of 25-44 year-olds and relatively few young people compared with the average for France as a whole.
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