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 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 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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