The Netherlands
Active centre management and letting management enabled Corio Nederland to improve the occupancy rate of its retail portfolio further to 98.8% and to achieve 14.6% higher rents on contracts that were extended or renewed in 2008 (4.2% of total gross rental income).
During the first quarter, Corio Vastgoed Ontwikkeling (CVO) began its property development activities as a wholly owned subsidiary of Corio. This follows a change in the law affecting ‘fiscal investment institutions’ (Fiscale beleggingsinstelling or FBI), which came into force on 1 January 2007 and which permits property development for the institution’s own portfolio.
A total of 20 small projects were sold for strategic reasons, raising a total of € 109.9 million and realising a book loss of 1.4%. Three properties will be delivered in 2009. The properties sold no longer fit in with Corio’s strategy in terms of their size and ability to add value. The sale of these properties is also in line with the strategy of a more active rotation of projects in portfolio.
January
Corio and Utrecht city council sign a development contract for the Hoog Catharijne and Leidsche Rijn shopping centres.
February
Opening of the Eschmarke shopping centre in Enschede. This centre, with a gross lettable area of 2,700 m2 and representing an investment of € 6.1 million, is transferred from the pipeline to operations.
February
John van Haaren, CEO of Corio Spain, is appointed the new CEO of Corio Nederland Retail. He succeeds Gerard Groener, who is appointed CEO of Corio N.V. with effect from 1 May.
March
Opening of the Pieter Vreedeplein mall in Tilburg. Combined with the existing Emmapassage, also owned by Corio, this new shopping centre with a gross lettable floor area of 27,900 m2 ensures a dominant position for Corio in the centre of Tilburg. The centre is fully let and offers an attractive mix of retail, healthcare and leisure facilities. The project was in the pipeline for a total investment of € 70.9 million.
November
Villa ArenA, last year’s winner, is again nominated for the Epica Prize for the best marketing campaign. The Epica Prize is the biggest European advertising and media awards competition, attracting 5,600 entrants from 47 countries.
December
Corio and Multi Vastgoed sign an agreement for the acquisition of the Stadsplein development project in Spijkenisse, with a gross lettable floor area of 11,900 m2 (shops, catering and the Kolkplein supermarket location). The project is placed in the fixed pipeline for a total investment of € 36 million. Opening is scheduled for 2011. This project adjoins the Kopspijker shopping centre in Spijkenisse, also owned by Corio.
Source: Annual Report 2008, Chapter Review of operations, page 51 (PDF, 2,1 MB)
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