France

Through active centre management and letting management, Corio France achieved an occupancy rate of 96.9% for the portfolio as a whole and increased rents by 26.9% on contracts that were extended or renewed in 2008 (4.8% of total gross rental income). March Acquisition of the supra-regional Grand Littoral shopping centre in Marseille, the fourth largest shopping centre in France, with a gross lettable floor area of 120,000 m2 and approximately 13 million visitors per year. The total acquisition cost of 57,000 m2 gross lettable floor area was € 412.6 million (including purchase costs).

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Market

The French economy cooled down markedly during 2008, taking the growth rate lower than a year earlier (0.7% versus 2.2% in 2007).

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Rents and occupancy rates

The theoretical rent for the French portfolio as a whole increased by 27.9% from € 94.8 million to € 121.2 million.

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