Pipeline
The total value of the pipeline in Turkey dropped by € 220 million from € 566 million (including € 117.5 million already invested) at year end 2008 to € 340 million including € 87.0 million already invested. This is a 39% decline from the end 2008 level. In December termination agreements were signed for the projects Akkoza (25% interest) and Akasya (7% interest). The projected investments were € 73.4 million and € 11.4 million respectively. The enlargements of Corio’s stakes in two newly developed projects were included in the pipeline at year-end 2008 and both proceded as planned. In February Corio Türkiye increased its share in Teras Park by 11% to 51%. The total consideration amounted to € 9.9 million. In 2009 Corio Türkiye also increased its share in Tekira in Tekirdağ to 100%. For Tekira the total consideration paid was € 38.0 million. Of the total pipeline at year end 2009, two projects representing a total projected investment of € 234 million were included in the fixed pipeline and one project of approximately € 106 million in the variable pipeline. Two projects or 50% can be deferred, but the shopping centre Anatolium in Bursa is expected to be delivered in the second quarter of 2010.
Source: Annual Report 2009, Chapter Review of Operations, page 69 (PDF, 6.362 kB)
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