The European economy slid into a deep recession at the end of 2008.
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Operating expenses for the continued activities increased by € 6.9 million (14.7%) in 2009, to € 53.8 million.
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Corio’s valuation policy entails a quarterly appraisal at market value for the operational portfolio and the development portfolio.
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In 2009 the value of the operational property portfolio fell from € 5,562.9 million to € 5,516.0 million.
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The revaluation of the operational portfolio in 2009 amounted to 6.3% negative.
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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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The revaluation of the development portfolio in 2009 amounted to 8.7% negative.
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Corio is continually working to strengthen its retail portfolio to enhance its total yield, while striving to improve its risk profile by selectively revitalising, renovating and expanding properties, as well as by initiating new developments and making appropriate acquisitions and disposals.
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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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