Portfolio and valuation
The value of the retail portfolio in Italy fell to € 1,048.5 million at year end 2009 from € 1,128.3 million at year end 2008. A total of € 0.5 million was invested in the portfolio and the pipeline.
No new properties were taken into operation, nor were any properties sold. The IKEA store at Shopville Le Gru that was acquired in 2008 was moved from the operational portfolio to the pipeline. The aim is to redevelop the building in order to strengthen Shopville Le Gru as a retail destination and favourite meeting place in Turin.
The operational portfolio was revalued downwards by € 72.2 million, a reduction of 6.7% on the book value as at year end 2009 before revaluation. All revaluations were negative.
In general initial yields rose 50 basis points on average, pushing the net theoretical yield of the Italian retail portfolio from 5.6% at year end 2008 to 6.1% at year end 2009. Over the second half year no more yield shifts took place, indicating that the market is stabilising.
Source: Annual Report 2009, Chapter Review of Operations, page 60 (PDF, 6.362 kB)
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