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Corio is a closed-end investment institution, listed on Euronext NYSE in Amsterdam and Paris, which is active in five countries: the Netherlands, France, Italy, Spain and Turkey. Corio specialises in (re)developing and operating shopping centres. Corio is a fiscal investment institution (FBI) in Dutch law and has a SIIC status in France.
The operating portfolio is valued at € 5.8 billion (1.6 million m2 in 113 projects, of which 95 are shopping centres). Corio is also expanding this portfolio via extension, redevelopment and new-build projects totalling € 2.7 billion (780,000 m2 in 40 projects), a large proportion of which consist of extensions of existing centres. When the projects in the pipeline are completed, Corio will ultimately have a portfolio of 129 projects with a gross lettable area of 2.4 million m2.
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Corio shopping centres attract high numbers of visitors. The counting systems installed at 44 centres showed about 200 million visitors in 2008.
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From visitors to turnover to tenants, who then have a sound basis for
paying the Corio rents.
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With a lettable area of 1,355,000 m2 and contracts with 4,800 retail tenants in five home markets, Corio centres create meeting places where people like to meet each other, where they spend money and that they return to.
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Corio’s priority focus is rental and rental growth. With average rents of € 263 per m2, ‘like-for-like’ rental growth of 4% has been achieved at Corio’s centres, well above the 1.2% increase in retail spending in the EU15, which is a sign of strength.
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The strength of rents and rental growth forms the basis for sustainable investments that retain and in due course, grow in value.
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The favourable conditions under which Corio acquired its projects in the past ensure that the pipeline has added value.
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Sound financing is crucial to avoid jeopardising long-term value growth.
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