Pipeline
The fixed and variable pipeline of French retail projects amounted to € 283.2 million at year-end 2008 (year-end 2007: € 860.5 million), including investments already made totalling € 114.0 million (year-end 2007: € 112.5 million). Of the total fixed pipeline, € 145.8 million (including € 88.3 million of investments already made) relates to the turnkey project Les Portes de Chevreuse, a retail park in Coignières, and the redevelopment and extension of Côte de Nacre in Caen. A high proportion (83%) of the Les Portes de Chevreuse project has been prelet, and the project will be completed in the second half of 2009. Completion of the extension and renovation of Côte de Nacre is scheduled for 2012. Of the total pipeline, 31% has been committed, 34% could still be deferred and 35% could still be cancelled.
The main movements in the pipeline where the delivery of Grand Littoral in Marseille, completion of the renovations of Quais d’Ivry in Ivry-sur-Seine and Capteor in Orgeval, the acquisition of units in the Charras shopping centre in Courbevoie, the TNL mall in Nice and the Decathlon store in Côte de Nacre in Caen. The reduction in the pipeline was also due partly to the removal of a number of projects from the variable pipeline which are either not yet ready for development or which can be deferred. This relates mainly to extensions of existing centres. With a view to Corio’s long-term profitability, however, work is continuing on these projects on a selective basis.
Source: Annual Report 2008, Chapter Review of operations, page 75 (PDF, 2,1 MB)
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