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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Following the sale of the Dutch offices, the office portfolio accounted for only 6.8% of the total portfolio at year-end 2008, with 80% of these offices in France, concentrated in the Paris region.
Net rental income diminished primarily as a result of the sale of the Dutch office portfolio. The increase in France resulted from the acquisition of the remaining 30% share of Balzac in Courbevoie-La Défense.
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Since the disposal of the Dutch industrial, the industrial portfolio has consisted only of a number of properties in France. No changes occurred in the French portfolio, as a result of which the ‘like-for-like’ rental growth of properties that were operational in both 2007 and 2008 amounted to 3.8%.
The occupancy rate of the industrial portfolio fell from 98.1% to 98.0%. A major lease contract will expire in France in 2010.
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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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Top 5 tenants Corio Nederland.
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The Lange Voort shopping centre is located in Oegstgeest, a fairly small municipality in the densely populated west of the Netherlands, between The Hague and Haarlem. The catchment area roughly corresponds with the municipal boundaries of Oegstgeest and houses a population of approximately 28,000, living in just under 10,000 households. Around 20% of the visitors to the shopping centre come from outside the primary catchment area.
Compared with the rest of the Netherlands, households in the catchment area relatively often consist of fairly large families of four or more persons.
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