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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From visitors to turnover to tenants, who then have a sound basis for
paying the Corio rents.
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With a lettable area of 1,355,000 m2 and contracts with 4,800 retail tenants in five home markets, Corio centres create meeting places where people like to meet each other, where they spend money and that they return to.
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The strength of rents and rental growth forms the basis for sustainable investments that retain and in due course, grow in value.
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The favourable conditions under which Corio acquired its projects in the past ensure that the pipeline has added value.
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Sound financing is crucial to avoid jeopardising long-term value growth.
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Apart from the statutory payout, Corio is keen to keep its promise to increase the dividend year-on-year by at least the price index for the EU15.
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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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We hereby present the 2008 annual report and financial statements as drawn up by the Management Board. KPMG Accountants N.V. have audited the financial statements and issued an unqualified report on them. We recommend that you adopt the financial statements as presented and declare a dividend (payable in cash or in shares) of € 2.64 per share for 2008 in accordance with the Management Board’s proposal.
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