Development, redevelopment and pipeline
Until recently, Corio was not permitted to engage in development or redevelopment itself and only acquired new projects on a turnkey basis from the developer on completion and at a predetermined yield or price. Corio has all the in-house expertise needed to manage such a process. In recent years, Corio has also entered into letting management for development and redevelopment projects, approaching the letting activities with a long term perspective. Following the relaxation of the rules on development activities for FBIs, on condition that these activities take place within a taxable entity and are only undertaken to grow it’s own portfolio, Corio now intends to insource the development and redevelopment function. In this way, acceptance of a limited risk will produce significantly higher growth in performance. Corio wishes to make it explicitly clear, it will not enter into development activity before the land is secured and all permits are in place. Corio will build on the expertise and resources it already has in-house to ensure effective performance of the development function. Depending on the size of the project, Corio may postpone construction until anchor tenants have been signed up.
Source: Annual Report 2008, Chapter Overview & Strategy, page 30 (PDF, 476 kB)
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