After a disastrous year in the financial markets in 2008, 2009 was the year of the aftermath. Amid widespread corporate restructuring, Corio maintained a firm course and showed great resilience throughout the year. A major focus for us, as with all companies, was our balance sheet and the need to secure our longer term funding at sustainable rates. Even for highly respected companies like Corio this was a challenge as the availability of funding in the market shrank to near zero and any financing that could be obtained came at a high price.
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Corio aims for a high level of transparency regarding communication on its financial situation, strategy and plans, and other information of relevance to existing and potential stakeholders. The Management Board, together with the Investor Relations department, is committed to providing shareholders, stakeholders and other interested parties with information on an equal basis, simultaneously, on time and in a clear and consistent manner.
Financial results are published quarterly in the form of press releases. The full-year and half-year figures are presented and explained at meetings organised for analysts and the financial media. The analysts’ meetings are accessible for everybody via a webcast and teleconference. The results for the first quarter and the first nine months of the year are clarified in a teleconference that is accessible to all.
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Introduction
During 2009, the focus on retail increased further. The share of retail in the overall portfolio rose to 94% (2008: 92%) through the disposal of some offices and industrial properties and the addition of a number of dominant centres.
By the end of 2009, the property portfolio spread over the main home markets was: the Netherlands 33% (2008: 33%), France 32% (34%), Italy 18% (19%), Spain 10% (8%) and Turkey 7% (6%).
The changes in the operational property portfolio during the year, including our share in joint ventures in France and Italy and participating interests in Turkey, were as follows:
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European commercial real estate investment markets saw a slight but continuing recovery during 2009 after one of the worst investment downturns in history. Investor confidence has improved from the historic lows at the beginning of 2009 and most economies have returned again to cautious growth. In the second quarter investment volumes in commercial real estate in Europe started to rise again from around € 11.5 to € 13 billion from the first to the second quarter, a 12.5% increase. The momentum was sustained in the third quarter, when an investment volume of around € 17.5 billion was reached - a 35% increase - and continued into the fourth quarter, when the volume of investments reached € 26 billion. Even though the total investment volume of 2009 reached nearly € 70 billion and indicates improving investor sentiment, full year volumes were still more than 40% down from a year earlier level, reaching the lowest level since 2001.
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Corio’s valuation policy entails a quarterly appraisal at market value for the operational portfolio and the development portfolio.
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In 2009 the value of the operational property portfolio fell from € 5,562.9 million to € 5,516.0 million.
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The revaluation of the operational portfolio in 2009 amounted to 6.3% negative.
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The revaluation of the development portfolio in 2009 amounted to 8.7% negative.
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