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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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 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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