Profile
| Listed on euronext nyse in Amsterdam and Paris |
| FBI and SIIC regimes |
| 5 home markets |
| Critical mass |
| 91 shopping centres |
| In-house centre management, letting and development |
| Dominant shopping centres |
| Decentralised organisation > local+ |
| Low leverage: healthy financial structure |
| 468 employees |
| Corporate social responsibility |
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. This is where Corio, with its local and professional hands-on management, can add most value. In addition to buying and developing shopping centres, Corio leases and runs its shopping centres in house, making it an integrated and focused retail property company.
Corio takes an active approach to investing, aimed at creating value and based on the careful timing of acquisitions and sales. The quality of a shopping centre, as reflected in the cash flow, is determined by the quality of local management. The success of Corio’s portfolio depends on the efforts of the local letting managers, centre managers and developers. For that reason Corio has a highly decentralised business model whereby the local business units in each country are largely responsible for their own operating results. This shortens response time to changing consumer demands and habits. The business unit management teams communicate regularly with the holding company in Utrecht.
Corio has an operational portfolio that was valued at € 5.7 billion on 31 December 2009, consisting of investments covering a Gross Leasable Area (GLA) for retail of 1.5 million m² in 105 projects, 91 of which are shopping centres. Corio’s strategy is to expand this portfolio by extending and redeveloping existing operational centres and developing and acquiring new projects. The pipeline portfolio amounts to investments of € 2.3 billion, covering 0.6 million m² GLA in 31 projects. Of the pipeline, 45% consists of planned extensions of existing centres that Corio already owns.
There is also a divestment plan, the main objective of which is to sell non strategic assets like the office and industrial properties in France and smaller retail assets where Corio can no longer add value. When the projects in the pipeline are completed, Corio will have a portfolio of 100 retail projects with a GLA of 2.0 million m². Shopping centres will then account for 99% of the portfolio. Corio employs 468 people, 90% of whom are employed in the business units.
With 40.4% leverage and fixed-interest loans accounting for about 66% of its borrowings. Corio ensures its ability to meet its obligations in both the short and the long term. By financing its operations in this manner Corio takes a conservative approach. Corio organises and manages these financing activities centrally.
Source: Annual Report 2009, Chapter Overview & Strategy, page 5 (PDF, 13.679 kB)
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