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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Corio performs its activities in five countries: France, Italy, the Netherlands, Spain and Turkey.
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Active centre management and letting management enabled Corio Italia to improve occupancy rates further to 98.9% in the year under review and to achieve 13.4% higher rents on contracts that were extended or renewed in 2008 (18.5% of total gross rental income).
September
Corio Italia receives the IPD EuroPropertyAward for its excellent performance in relation to the IPD benchmark. On a three-yearly basis, Corio Italia achieved the highest total revenues.
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The Italian economy was rapidly confronted with the consequences of the credit crunch and the cooling international economy in 2008.
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The value of the Italian shopping centre portfolio increased slightly from € 1,110.2 million at year-end 2007 to € 1,128.3 million at the end of 2008.
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The theoretical rent for 2008 rose by € 10.3 million, or 18.4%, to € 66.2 million.
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Corio’s centres in Italy (excluding Campania) were visited by approximately 42 million people in 2008, 3.8% more than in 2007.
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The fixed and variable pipeline of Italian shopping centre projects amounted to € 909 million at year-end 2008 (2007: € 924.4 million, including the prospect pipeline), including € 13.2 million (2007: € 1.0 million) already invested.
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GrandEmilia is the largest shopping centre in the Province of Modena and one of the most prestigious shopping centres in Italy’s Emilia-Romagna region. With an extensive catchment area and an appealing retail offer, GrandEmilia is one of the few major regional shopping centres in Italy’s developing retail market. The centre consists of a covered arcade, and an Ipercoop hypermarket pulls in the crowds. This hypermarket is not owned by Corio. The arcade covers an area of 20,000 m2, and houses over 65 stores, 8 restaurants and 11 service providers.
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