Italy

Active centre management and letting management enabled Corio Italia to improve occupancy rates further to 98.9% in the year under review and to achieve 13.4% higher rents on contracts that were extended or renewed in 2008 (18.5% of total gross rental income). September Corio Italia receives the IPD EuroPropertyAward for its excellent performance in relation to the IPD benchmark. On a three-yearly basis, Corio Italia achieved the highest total revenues.

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Market

The Italian economy was rapidly confronted with the consequences of the credit crunch and the cooling international economy in 2008.

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Portfolio and valuation

The value of the Italian shopping centre portfolio increased slightly from € 1,110.2 million at year-end 2007 to € 1,128.3 million at the end of 2008.

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Rents and occupancy rates

The theoretical rent for 2008 rose by € 10.3 million, or 18.4%, to € 66.2 million.

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Visitor numbers and sales

Corio’s centres in Italy (excluding Campania) were visited by approximately 42 million people in 2008, 3.8% more than in 2007.

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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.

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Catchment area

GrandEmilia is considered to be the most popular shopping centre in the Province of Modena.

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High levels of customer satisfaction and diversification

A recent customer satisfaction survey confirmed that consumers visit GrandEmilia more often than any other shopping centre in the region, and that the centre scores relatively highly in all areas of customer satisfaction compared to other shopping ...

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Strong from the start

Right from the very start, GrandEmilia was a successful, prominent shopping centre in a relatively wealthy region, and it continues to be so up to this day.

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Moving forward

The management of GrandEmilia will use the findings of the most recent customer survey to strengthen the position of shopping centre.

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