Turkey

Corio Türkiye’s occupancy rate of its € 362.5 million operational retail portfolio (including Akmerkez of € 175.0 million) was 92.2%. February: Corio Türkiye raised its holding in the district shopping center Teras Park (29,900 m2 GLA) in Denizli to 51% from 40%. April: Corio Türkiye bought the remaining shares in the shopping centre in the Tekira shopping centre in the city centre of Tekirdağ (GLA 29,900 m2), raising its holding to 100%. The total value of the shopping centre at acquisition was € 67.6 m.

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Market

Over the past couple of years Turkey has shown healthy GDP growth figures, outperforming many European markets.

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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.

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Rents and occupancy rates

The net rental income of the Turkish retail portfolio rose 57% from € 5.4 million to € 8.5 million.

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Visitor numbers and sales

The estimated footfall for 2009 was 17.5 million. This figure includes Adacenter, 365, Teras Park and Tekira.

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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.

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