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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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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Top 5 tenants Corio Italia
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These risks are addressed by taking timely action in relation to forthcoming lease expiries, contract revisions and rent reviews, screening new tenants for creditworthiness and actively monitoring accounts receivable and the tenant mix.
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