Offices
| |
Netherlands |
France |
Germany |
Total |
| Lettable floor area (x 1,000 m2) |
53 |
74 |
14 |
140 |
| Occupancy rate (financial) % |
91% |
100% |
54% |
95% |
| Value of operating portfolio (€ million) |
71.6 |
311.1 |
12.2 |
394.9 |
| Total theoretical rent (€ million) |
9.9 |
24.4 |
1.4 |
35.7 |
| Theoretical rent per m2 per year (€) |
189 |
331 |
100 |
255 |
Following the sale of the Dutch offices, the office portfolio accounted for only 6.8% of the total portfolio at year-end 2008, with 80% of these offices in France, concentrated in the Paris region.
| Home markets (€ million) |
2008 |
2007 |
% |
| Netherlands |
5.2 |
5.5 |
-5.5 |
| France |
22.2 |
16.6 |
34.2 |
| Other |
0.1 |
0.4 |
-75.0 |
| Activities to be discontinued |
22.1 |
28.5 |
-22.5 |
| Total |
49.6 |
51.0 |
-2.9 |
Net rental income diminished primarily as a result of the sale of the Dutch office portfolio. The increase in France resulted from the acquisition of the remaining 30% share of Balzac in Courbevoie-La Défense.
| Home markets (€ million) |
2008 |
2007 |
% |
| Netherlands |
5.2 |
4.9 |
6.1 |
| France |
18.2 |
16.3 |
11.9 |
| Total |
23.4 |
21.2 |
8.1 |
The good results for the properties that were in operation in both 2007 and 2008 resulted from good lease transactions and fewer voids. This primarily involved Hoog Catharijne in Utrecht and Millipore in Saint-Quentin-en-Yvelines. The occupancy rate of the office portfolio increased from 91.4% in 2007 to 91.9% in 2008. In France, 12.2% of the lease contracts will expire in 2009.
Source: Annual Report 2008, Chapter Review of operations, page 42 (PDF, 2,1 MB)
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