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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During the year under review, the focus on retail increased still further. The share of retail in the overall portfolio rose again to 92% (2007: 83%) through the disposal of the Dutch offices and industrial portfolio and the addition of a number of dominant centres or outlets in dominant centres.
By the end of 2008, the property portfolio was spread more evenly over the home markets: the Netherlands 33% (2007: 42%), France 34% (27%), Italy 19% (17%), Spain 8% (8%) and Turkey 6% (6%).
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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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The value of the operational property portfolio rose in 2008 from € 5,272 million to € 5,562.9 million.
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The revaluation of the operating portfolio in 2008 amounted to -5.4% in comparison with the value at year-end 2008 before revaluation.
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The general increase of yields (initial yields) in 2008 is reflected in the valuations of the Corio portfolio and is in line with the yield adjustments in the local markets for the various sectors.
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Projects in the variable pipeline are specific acquisition projects or projects in the existing portfolio that have potential for development or redevelopment, but have not reached the same stage of compliance with the above criteria...
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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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