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Review of operations

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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Office

Corio has a small strategic office portfolio valued at € 50.4 million. The like-for-like net rental income increased by 28.5%, mainly reflecting the letting of vacant space to new tenants, which resulted in an average financial EPRA occupancy rate of 95.3%, up from 89.2% in 2008. The net rental income of the like-for-like Dutch offices portfolio rose to € 6.4 million at year end 2009 from € 5.0 million at year end 2008.

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Office

Corio has a small office portfolio in France with a total value of € 219.3 million (2008: € 311.1 million). The value decreased as a result of the sales of Toulatria in Toulouse, BCEOM Montgolfier in Guyancourt and Frères Peugeot in Rueil-Malmaison (total: € 59.3 million) and a negative revaluation of € 33.4 million.

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