Portfolio and valuation
The value of the retail portfolio in Turkey (including associates) increased to € 403.2 million at year end 2009 from € 333.4 million at year end 2008. A total of € 7.8 million was invested in the portfolio and the pipeline. Investments in the operational portfolio related mainly to Teras Park in Denizli (€ 2.9 million). The investments in the pipeline were € 4.6 million.
During the year, Corio took the Tekira shopping centre in the city centre of Tekirdağ into operation. The total investment in the acquisition of this shopping centre against an 8.9% predefined gross yield was € 67.6 million. At the request of the hypermarket, the shopping centre, which has a gross leasable area of 29,900 m², was opened early in November 2008.
The operational portfolio was revalued downwards by € 10.5 million, a reduction of 5.3% on the book value at year end 2009 before revaluation. All revaluations were negative.
Yields for the Turkish portfolio during 2009 are not totally comparable because of ongoing changes in the composition of the portfolio in Turkey. The downward yield shift in Turkey in the first half of 2009 was caused by the additions of Teras Park and Tekira to the portfolio of investment properties. Total yield including associates increased 10 basis points from 8.0% to 8.1% in 2009. This was on top of an increase of 220 basis points in 2008, bringing the total increase in 2008 and 2009 to 230 basis points. On a like-for-like basis, thus only relating to shopping centres Adacenter and 365, yields increased by 50 basis points in 2009 from 9.5% to 10.0%.
Source: Annual Report 2009, Chapter Review of Operations, page 66 (PDF, 6.362 kB)
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