Pipeline
The fixed and variable pipeline of Italian shopping centre projects amounted to € 909 million at year-end 2008 (2007: € 924.4 million, including the prospect pipeline), including € 13.2 million (2007: € 1.0 million) already invested. All projects are in the variable pipeline because some contracts or permits have still to be arranged; 19% of this portfolio could still be deferred and 81% could still be cancelled. The variable pipeline consists among other things of extensions to the Globo shopping centre in Busnago and the Citta‘Fiera centre in Udine. Corio Italia is also working on an exclusive basis on a number of dominant shopping centres; these projects were included in the prospect pipeline in 2007 and were integrated into the variable pipeline in the year under review. The necessary permits have still to be issued for these projects, and in order not to disrupt this process, Corio is unable to make any further comments about these projects at this juncture. As soon as these permits have been obtained and the final negotiations have been completed, this will be announced in a press release. The variable pipeline also includes the redevelopment of the IKEA store at Le Gru for € 3 million, which is likely to be handed over to new tenants in the second half of 2010.
Source: Annual Report 2008, Chapter Review of operations, page 90 (PDF, 2,1 MB)
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