Spain

Corio España’s € 574.4 million operational retail portfolio was affected by the weaker economic climate During 2009, which resulted in a slight drop in occupancy to 93.0% and negative like-for-like net rental income of 7.9%. The recession also brought opportunities, however, such as the acquisition of the Príncipe Pío shopping centre in Madrid. January: Corio España was admitted as member of the Green Building Council. May: More than 14,000 people joined together in Maremagnum to watch the Champions’ League football match final between Barcelona and Manchester United. June: Acquisition of 95% of the shares of Príncipe Pío for € 126.5 million, a 28,700 m² GLA shopping centre in the city centre of Madrid.

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Market

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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Portfolio and valuation

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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Rents and occupancy rates

Theoretical rental income in Spain amounted to € 43.4 million, an increase of 23.6% (€ 8.3 million) on 2008.

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Visitor numbers and sales

In 2009, almost 60 million people visited Corio�s 10 shopping centres, down 4% from the previous year.

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Pipeline

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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Showing 5 of 5 articles