Spain

Active centre management and letting management enabled Corio España to maintain a relatively high occupancy rate of 95.6% and generate 13.3% higher rents on contracts that were extended or renewed in 2008 (11.8% of the total gross rental income). This was achieved in spite of the weakening economic climate and depressed consumer spending in Spain. February Appointment of Iñigo Yllera Ceballos as director of Corio España. He succeeds John van Haaren in May, who is to become CEO of Corio Nederland Retail.

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Market

The slowdown in economic growth which began in 2007 continued in 2008, taking the growth rate to an average of 1.2%, just above the Euro area average of 0.7%.

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Portfolio and valuation

The value of the Spanish retail portfolio reduced from € 546.7 million at year-end 2007 to € 482.1 million at the end of 2008.

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Rents and occupancy rates

The theoretical rental income in Spain stood at € 35.1 million in 2008, an increase of € 1.2 million or 3.5% on 2007.

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Visitor numbers and sales

The nine Corio centres in Spain were visited by just over 50 million people in 2008; this was 1.4% fewer than in the previous year, in line with the general market trend.

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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.

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Catchment area

Cáceres is situated in the region of Extremadura to the south west of Madrid.

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Intensive use

Ruta de la Plata is the main shopping district in Cáceres; competition is limited to a few hypermarkets and the small shopping district in the town’s historic centre.

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Reinforcing the crowd-pulling fashion segment within the overall offer

Fashion stores are the most frequently visited segment of the centre among all groups of users.

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Showing 8 of 8 articles