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 highest net rental growth was achieved in France, through the relatively high indexation and high relettings/renewals. The increase in the Netherlands is always relatively low, due to rent control legislation that does not permit direct adjustment to market rates. Total turnover-based rental income amounted to 0.9% of the theoretical rent. In Spain, despite good new and revised leases, the net like-for-like rental income was negatively affected by a combination of higher vacancies and higher operating expenses.
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The value of the retail portfolio including investments in the pipeline in the Netherlands fell to € 1,881.7 million at year end 2009 from € 1,914.4 million a year earlier. A total of € 81.3 million was invested in the portfolio and pipeline. Investments in the operational portfolio related mainly to Alexandrium I in Rotterdam (€ 2.0 million). The pipeline investments of € 61.9 million mainly related to Middenwaard in Heerhugowaard (€ 19.7 million), De Mare in Alkmaar (€ 18.3 million), ’t Circus in Almere (€ 6.0 million, Metropole in Almere (€ 3.4 million), Cassandraplein in Eindhoven (€ 3.2 million) and Maaswijk in Spijkenisse (€ 3.4 million). In the course of the year Corio took into operation ’t Circus in Almere, the refurbished Cassandraplein in Eindhoven and the refurbished De Mare in Alkmaar, as well as parts of Middenwaard in Heerhugowaard.
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The theoretical rent of the Dutch retail portfolio fell 0.9% to € 137.4 m. The first full year of operation of Pieter Vreedeplein in Tilburg as well as the reopening of Cassandraplein in Eindhoven and De Mare in Alkmaar balanced the effects of the disposal of a number of small retail projects in 2008 and 2009.
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In general, footfall in the Dutch shopping centres has remained stable over the past few years.
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The value of the retail portfolio in France fell to € 1,612.8 million at year end 2009 from € 1,696.5 million a year earlier. The share of retail in the French portfolio was 85%. A total of € 12.7 million was invested in the portfolio and the pipeline. Investments in the operational portfolio related mainly to Les Portes de Chevreuse in Coignières (€ 11.1 million).
During 2009 Les Portes des Chevreuses in Coignières was taken into operation. This retail park made its début in June with the earlier than expected opening of the main anchors Boulanger, Conforama and Castorama. The Megastore in Bordeaux was sold in January 2010 for € 67.3 million. Corio decided to sell the Megastore because it wants to focus on shopping centres with more growth potential. The building accommodates 4 large tenants in the city centre of Bordeaux.
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The theoretical rent of the French retail portfolio rose by 17.1% to € 107.4 million from € 91.7 million.
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Footfall in the French portfolio is measured for 12 centres, representing 57% of the retail portfolio.
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