Operating expenses for the activities that were continued increased by € 7.3 million (18.4%) in 2008, to € 47.0 million.
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No corporation tax was charged in the direct result in 2008 (2007: € 1.8 million), as a result of regular corporation tax of € 1.8 million and an increase in deferred tax assets by the same amount.
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After 2007, when property investments reached a record level, the financial crisis, and in some countries the economic crisis, in 2008 had a negative impact on the volume of property investments, primarily in the second half of the year.
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Corio’s operating portfolio is valued every six months (as at 30 June and 31 December) by independent external surveyors with recognised and relevant professional qualifications and experience with the location and the category of properties to be valued.
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The value of the operational property portfolio rose in 2008 from € 5,272 million to € 5,562.9 million.
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The revaluation of the operating portfolio in 2008 amounted to -5.4% in comparison with the value at year-end 2008 before revaluation.
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The general increase of yields (initial yields) in 2008 is reflected in the valuations of the Corio portfolio and is in line with the yield adjustments in the local markets for the various sectors.
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Corio continually seeks to strengthen its portfolio to boost its total yield, while also striving to improve its risk profile by selectively revitalising, renovating and expanding properties, as well as by making appropriate acquisitions and disposals.
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The fixed pipeline at the end of 2008 amounted to € 1,070.7 million, including investments already made of € 299.7 million (year-end 2007:
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Projects in the variable pipeline are specific acquisition projects or projects in the existing portfolio that have potential for development or redevelopment, but have not reached the same stage of compliance with the above criteria...
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