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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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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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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After 2007, when property investments reached a record level, the financial crisis, and in some countries the economic crisis, in 2008 had a negative impact on the volume of property investments, primarily in the second half of the year.
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Active centre management and letting management enabled Corio España to maintain a relatively high occupancy rate of 95.6% and generate 13.3% higher rents on contracts that were extended or renewed in 2008 (11.8% of the total gross rental income). This was achieved in spite of the weakening economic climate and depressed consumer spending in Spain.
February
Appointment of Iñigo Yllera Ceballos as director of Corio España. He succeeds John van Haaren in May, who is to become CEO of Corio Nederland Retail.
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The slowdown in economic growth which began in 2007 continued in 2008, taking the growth rate to an average of 1.2%, just above the Euro area average of 0.7%.
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The value of the Spanish retail portfolio reduced from € 546.7 million at year-end 2007 to € 482.1 million at the end of 2008.
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The theoretical rental income in Spain stood at € 35.1 million in 2008, an increase of € 1.2 million or 3.5% on 2007.
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The nine Corio centres in Spain were visited by just over 50 million people in 2008; this was 1.4% fewer than in the previous year, in line with the general market trend.
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