Retailers are close to the consumer, so they know better than anyone why people visit our centres, why they stay around and buy.
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Introduction
During 2009, the focus on retail increased further. The share of retail in the overall portfolio rose to 94% (2008: 92%) through the disposal of some offices and industrial properties and the addition of a number of dominant centres.
By the end of 2009, the property portfolio spread over the main home markets was: the Netherlands 33% (2008: 33%), France 32% (34%), Italy 18% (19%), Spain 10% (8%) and Turkey 7% (6%).
The changes in the operational property portfolio during the year, including our share in joint ventures in France and Italy and participating interests in Turkey, were as follows:
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During 2009 the increase in net yields for retail property in the portfolio amounted to 60 basis points on average.
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Corio Nederland was able to keep the average occupancy rate of its € 1,817 million operational retail portfolio at a high level of 98.4% (2008: 98.8%) as a result of active centre management and letting management. Like-for-like net rental growth of the retail portfolio (excluding parking) was 1.2%.
The occupancy rate of the operational office portfolio of € 50.4 million rose to 95.3% (2008: 89.2%)
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The theoretical rent of the Dutch retail portfolio fell 0.9% to € 137.4 m. The first full year of operation of Pieter Vreedeplein in Tilburg as well as the reopening of Cassandraplein in Eindhoven and De Mare in Alkmaar balanced the effects of the disposal of a number of small retail projects in 2008 and 2009.
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Corio France was able to keep the occupancy rate of its € 1,595.2 million operational retail portfolio at a level of 93.9% (2008: 96.2%). Like-for-like net rental income growth for the retail portfolio was 6.1%.
The occupancy rate of the operational office portfolio of € 219.3 million remained high at 99.6%, whereas the occupancy rate of the operational industrial portfolio of € 51.0 million was 84.6%.
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The theoretical rent of the French retail portfolio rose by 17.1% to € 107.4 million from € 91.7 million.
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Corio Italia was able to keep the occupancy rate of its € 1,007.3 million operational retail portfolio at a high level of 99.1% (2008: 98.9%). Like-for-like net rental income growth for the retail portfolio was 3.0%.
June: Corio Italia won the IPD EuroProperty Award based on Corio’s three-year total return annualised to December 2008.
June: Shopville Le Gru won the ICSC Solal Marketing award in the category Alternative Revenue for the campaign ‘New Horizons Besides The Budget’.
June: Shopville Gran Reno won the ICSC Solal Marketing award in the category Sales Promotion for the campaign ‘Reality In Car’.
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