Spain was one of the first countries to notice the recession, as the credit crunch coincided with the bursting of an economic bubble that had been long building up in the domestic economy, with a high degree of household debt and an overheated housing sector.
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The value of the portfolio of Corio Spain increased to € 575.9 million at the end of 2009 from € 482.1 million at year-end 2008.
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Theoretical rental income in Spain amounted to € 43.4 million, an increase of 23.6% (€ 8.3 million) on 2008.
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In 2009, almost 60 million people visited Corio�s 10 shopping centres, down 4% from the previous year.
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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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