Active centre management and letting management enabled Corio Nederland to improve the occupancy rate of its retail portfolio further to 98.8% and to achieve 14.6% higher rents on contracts that were extended or renewed in 2008 (4.2% of total gross rental income).
During the first quarter, Corio Vastgoed Ontwikkeling (CVO) began its property development activities as a wholly owned subsidiary of Corio. This follows a change in the law affecting ‘fiscal investment institutions’ (Fiscale beleggingsinstelling or FBI), which came into force on 1 January 2007 and which permits property development for the institution’s own portfolio.
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Following strong economic growth of 3.5% in 2007, there was a marked slowdown in 2008, with growth of 2.0% on an annual basis.
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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 theoretical rent of the Dutch retail portfolio rose by 3.7% from € 133.8 million to € 138.7 million.
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Corio Nederland has installed pedestrian counting systems in 14 of its shopping centres which represent approximately 60% of the total value of the Dutch retail portfolio.
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Corio Vastgoed Ontwikkeling (CVO) was set up as a wholly-owned subsidiary of Corio Nederland B.V. and began operating in the first quarter of 2008, concentrating on managing Corio’s pipeline in the Netherlands.
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Lange Voort is one of the larger shopping centres catering to everyday needs in the highly complex Dutch retail market. The centre is the key shopping district in the small town of Oegstgeest in the province of Zuid-Holland. With over 22,000 inhabitants and conveniently located in the centre of the Randstad, the most densely populated region in the Netherlands, Oegstgeest has traditionally been popular with commuters working in the Randstad’s major cities. Prior to the merger that created Corio in 2000, Lange Voort was owned by WBN, one of Corio’s predecessors.
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The catchment area of Lange Voort comprises some 28,000 residents and stretches beyond the boundaries of Oegstgeest municipality.
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The redevelopment and expansion of Lange Voort two years ago led to a sharp increase in the shopping centre’s appeal and has made it one of the best performers in Corio’s portfolio.
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Making Lange Voort more appealing to consumers has resulted in an increase in spending in the centre, both in absolute terms and in terms of the average spend per visit.
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