After a disastrous year in the financial markets in 2008, 2009 was the year of the aftermath. Amid widespread corporate restructuring, Corio maintained a firm course and showed great resilience throughout the year. A major focus for us, as with all companies, was our balance sheet and the need to secure our longer term funding at sustainable rates. Even for highly respected companies like Corio this was a challenge as the availability of funding in the market shrank to near zero and any financing that could be obtained came at a high price.
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Corio is a retail property company. It specialises in the selection, development, redevelopment and management of shopping centres. Currently Corio runs operations in five countries: the Netherlands, France, Italy, Spain and Turkey. The company’s shares are traded on Euronext NYSE in Amsterdam and Paris. Under Dutch law Corio is a closed-end fiscal investment institution (FBI). It has a SIIC status in France. As of March 2008, Corio has been included in the Dutch blue-chip index of 25 leading shares, the AEX.
Corio wants to create favourite meeting places: sustainable centres where people like to meet, spend their leisure time and shop; places they want to visit again.
In selecting investments, Corio focuses on shopping centres that are dominant in their catchment area. These are the projects where we can present the consumer a full range of shops, convenience stores, restaurants, leisure & entertainment as well as event space and a wide range of services.
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The organisation of the Supervisory Board is entirely consistent with the recommendations of the Dutch corporate governance code.
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Debt capital markets recovered in 2009 and increased demand for corporate, mainly high-grade, debt caused credit spreads to come in to more normal levels.
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We own and manage shopping centres that are perceived as leading within their respective markets in-house.
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European commercial real estate investment markets saw a slight but continuing recovery during 2009 after one of the worst investment downturns in history. Investor confidence has improved from the historic lows at the beginning of 2009 and most economies have returned again to cautious growth. In the second quarter investment volumes in commercial real estate in Europe started to rise again from around € 11.5 to € 13 billion from the first to the second quarter, a 12.5% increase. The momentum was sustained in the third quarter, when an investment volume of around € 17.5 billion was reached - a 35% increase - and continued into the fourth quarter, when the volume of investments reached € 26 billion. Even though the total investment volume of 2009 reached nearly € 70 billion and indicates improving investor sentiment, full year volumes were still more than 40% down from a year earlier level, reaching the lowest level since 2001.
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Projects in the fixed committed and fixed deferrable pipeline on 31 December 2009 fell substantially from € 1.1 billion (including € 136.4 million already invested) on 31 December 2008 to € 760 million (including € 136 million already invested) on 31 December 2009.
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As one of the most open economies of Europe, the Netherlands could not remain unscathed by the global economic and financial crisis.
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Over the past couple of years Turkey has shown healthy GDP growth figures, outperforming many European markets.
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Introduction
Corio manages its operations from a holding company that is managed by the Management Board and which encompasses the following functions: Investor Relations, Public Relations, Strategy & Asset Allocation, Treasury, Finance & Control, Legal & Compliance, Information Management, Tax, Risk Management and Human Resources.
The operations are managed primarily by five business units, which are directly linked to the countries and regions in which Corio is active. These business units are responsible for all operational functions within their individual areas of activity. Corio is therefore a highly decentralized organization that can respond quickly and properly to changing market circumstances, seize opportunities and identify risks at an early stage. Operations are structured according to local conditions and insights.
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