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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The office portfolio accounted for only 5% of the total portfolio at year-end 2009, with 79% of these offices in France, concentrated in the Paris region.
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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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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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