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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Corio shopping centres attract high numbers of visitors. The counting systems installed at 44 centres showed about 200 million visitors in 2008.
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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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In the light of the financial crisis and economic recession, Corio reverted to expressing the pipeline in terms of contractual commitments in order to give shareholders a clear insight into the associated risks and the way in which Corio has hedged them.
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The new or renovated centres that we opened in 2008 all increased in value on opening and made positive contributions to the direct result from the start.
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The establishment of property development company Corio Vastgoed Ontwikkeling (CVO) follows a change in the law on development activities by FBIs (fiscal investment institutions).
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The sale of the offices and industrial portfolio in the Netherlands brought Corio a big step closer to its goal of becoming a pure retail player and, by year-end 2008, retail accounted for 92% of the total portfolio.
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Corio made internal appointments in 2008 of successors for its CEO and the managing directors of its Dutch and Spanish business units.
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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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