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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Rents and occupancy rates

The theoretical rent of the French retail portfolio increased by 30.6% to € 91.7 million.

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Visitor numbers and sales

12 shopping centres in Corio France’s portfolio attracted a total of 56.5 million visitors on an annual basis in the year under review.

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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).

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Portfolio and valuation

The French offices portfolio increased in value from € 320.9 million at year-end 2007 to € 325.1 million at the end of 2008.

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Rents and occupancy rates

The theoretical rent for the French offices portfolio rose by € 4.6 million (24.6%) to € 23.3 million.

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Pipeline

There were no office projects in the pipeline at the end of 2008.

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Rents and occupancy rates

The theoretical rent for the French industrial portfolio rose to € 6.2 million in 2008, an increase of € 0.3 million or 4.7%, due to normal indexation: no new leases were signed.

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Catchment area

Most of the shopping centre’s catchment area is in the commune of Issy-les-Moulineaux, a busy, dynamic urban area.

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