France

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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Market

Despite the collapse of economic growth in the fourth quarter of 2008 and first quarter of 2009 (both -1.4% quarter-on-quarter) France was one of the first countries in Europe to resume growth, in the second quarter of 2009, achieving quarter-on-quarter GDP growth of 0.3%.

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Rents and occupancy rates

The theoretical rent of the French retail portfolio rose by 17.1% to € 107.4 million from € 91.7 million.

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Visitor numbers and sales

Footfall in the French portfolio is measured for 12 centres, representing 57% of the retail portfolio.

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Pipeline

At the end of 2009 Corio France had two projects in the variable pipeline valued at € 68 million (2008: € 283 million), € 14.5 million (2008: € 114.0 million) of which was invested.

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Industrial

Corio also has a small industrial portfolio in France with a total value of € 51 million (2008: € 60.6 million).

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