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 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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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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