The success of a property fund starts with growth in rental income.
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Despite the sale of a substantial part of the portfolio, Corio posted a higher direct result in 2008.
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The sale of the Dutch office and industrial portfolio was well-timed and achieved a good result.
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In line with the market, Corio had to decrease the value of its portfolio in 2008.
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In the light of the financial crisis and economic recession, Corio reverted to expressing the pipeline in terms of contractual commitments in order to give shareholders a clear insight into the associated risks and the way in which Corio has hedged them.
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The new or renovated centres that we opened in 2008 all increased in value on opening and made positive contributions to the direct result from the start.
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Since the acquisition of an interest in Akmerkez in Istanbul, Corio has worked hard to build up its own organisation that would be capable of managing the new portfolio entirely in-house and keeping pace with the growth in the portfolio.
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The establishment of property development company Corio Vastgoed Ontwikkeling (CVO) follows a change in the law on development activities by FBIs (fiscal investment institutions).
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The sale of the offices and industrial portfolio in the Netherlands brought Corio a big step closer to its goal of becoming a pure retail player and, by year-end 2008, retail accounted for 92% of the total portfolio.
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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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