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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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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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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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 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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