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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The value of the total portfolio in the Netherlands fell from € 2,055 million at year-end 2007 to € 1,986 million at year-end 2008. 96.4% of the total portfolio is invested in shopping centres and retail outlets, with the remaining 3.6% being invested in offices which are (strategically) linked to the shopping centres. Projects with a total value of € 77.7 million were transferred from the pipeline to operations, while investments totalling € 70.3 million were made in both the pipeline and the portfolio (see below). Projects were sold for a total of € 117.5 million.
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The value of the retail portfolio in the Netherlands reduced from € 1,971.0 million at year-end 2007 to € 1,914.4 million at year-end 2008.
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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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