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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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 España
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The Ruta de la Plata shopping centre is located in Cáceres, one of the main cities in the Extremadura region near the Portuguese border. Extremadura is a fairly rural region which is characterised by a low population density. Farming has traditionally played a major role in the regional economy, but today the services sector is steadily increasing in importance, with (eco)tourism growing particularly strongly.
Given the rural nature of the region, the catchment area covers a large area with a relatively small number of inhabitants - just over 150,000 - of whom around 90,000 live in the city of Cáceres.
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