Netherlands

Corio Nederland was able to keep the average occupancy rate of its € 1,817 million operational retail portfolio at a high level of 98.4% (2008: 98.8%) as a result of active centre management and letting management. Like-for-like net rental growth of the retail portfolio (excluding parking) was 1.2%. The occupancy rate of the operational office portfolio of € 50.4 million rose to 95.3% (2008: 89.2%)

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Market

As one of the most open economies of Europe, the Netherlands could not remain unscathed by the global economic and financial crisis.

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Rents and occupancy rates

The theoretical rent of the Dutch retail portfolio fell 0.9% to € 137.4 m. The first full year of operation of Pieter Vreedeplein in Tilburg as well as the reopening of Cassandraplein in Eindhoven and De Mare in Alkmaar balanced the effects of the disposal of a number of small retail projects in 2008 and 2009.

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Visitor numbers and sales

In general, footfall in the Dutch shopping centres has remained stable over the past few years.

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Pipeline

The total pipeline in the Netherlands amounts to € 1.0 billion (2008: € 940 million), of which € 121.8 million (2008: € 127.8 million) has been invested.

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