Pipeline
At year-end 2008, the Spanish pipeline amounted to € 15 million (year-end 2007: € 65.5 million), including € 0.8 million (year-end 2007: € 8.9 million) in investments already made. The pipeline consists of the renovation and extension of a shopping centre that is already owned by Corio, namely La Loma in Jaén. This project has encountered some delays whilst waiting for cooperation from a partner in the Owners’ Association. At year-end 2008, the La Loma pipeline project was classified as ‘deferrable’. The centre will be renovated and a further 4,800 m2 of floor area added, taking the total to around 14,500 m2. Once a decision has been taken to begin work, probably in the first half of 2009, deferral will no longer be possible. Completion of the project is then likely to be in the first half of 2010. The renovation and extension of the El Ferial shopping centre in Parla has also been deferred until the market conditions are deemed to be right. For this reason, the project has been removed from the pipeline, but with a view to the long-term profitability of Corio, Corio España is continuing to work on this project.
Source: Annual Report 2008, Chapter Review of operations, page 102 (PDF, 2,1 MB)
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