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 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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GrandEmilia is considered to be the most popular shopping centre in the Province of Modena.
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The GrandEmilia shopping centre is near the city of Modena in the Italian region of Emilia Romagna. The centre has a regional function and consequently a sizeable catchment area of approximately 500,000 people, spread over something more than 200,000 households. In addition to the city of Modena, the area includes a large number of surrounding towns and villages. Modena is the second city in the Emilia Romagna region and is also the capital of the province of Modena. The city is famous for its automotive industry (Ferrari, Lamborghini etc.) and its balsamic vinegar.
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