Despite the low indebtedness of the household sector and relatively solid financial system providing some shelter for the financial turmoil, the economy nevertheless experienced a sharp contraction.
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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.
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The total theoretical rent in 2009 amounted to € 70.2 million, a 6.0% increase on 2008. Factors influencing this include, on the positive side, the acquisition of the IKEA premises (€ 1.7 million) and indexation, albeit at a lower level than in 2008.
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Footfall in Italy is measured for 6 centres, which represent 91% of the Italian portfolio. In 2009 those centres were visited by 44 million people, which is an increase of 0.5% compared to 2008, and implies a total number of visitors for the Italian portfolio of 48 million.
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The pipeline of (re)development projects in Spain amounted to € 22 million (2008: € 15 million), of which € 4.3 million (2008: € 0.8 million) has been invested to date.
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