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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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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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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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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After a relatively strong first quarter, economic growth stagnated in the second half of the year. Especially in the fourth quarter the credit crisis began to impact on the real economy. This also impacted on jobs growth, which came to a halt. Although there were more jobs than in 2007 measured over the year as a whole, they were created primarily in the first half of the year. Developments in the offices market also suffered from the consequences of the credit crisis, with the take-up rate falling sharply compared with 2007.
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The value of the Dutch offices portfolio, which is held for strategic reasons, fell from € 84.0 million at year-end 2007 to € 71.2 million at year-end 2008.
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The theoretical rent for the Dutch offices portfolio, which is held for strategic reasons, fell by 4.2% to € 10.2 million.
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Corio has no office projects in the pipeline.
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In November 2007, Corio announced that it planned to sell its offices and industrial portfolio.
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