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.