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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Corio is a retail property company. It specialises in the selection, development, redevelopment and management of shopping centres. Currently Corio runs operations in five countries: the Netherlands, France, Italy, Spain and Turkey. The company’s shares are traded on Euronext NYSE in Amsterdam and Paris. Under Dutch law Corio is a closed-end fiscal investment institution (FBI). It has a SIIC status in France. As of March 2008, Corio has been included in the Dutch blue-chip index of 25 leading shares, the AEX.
Corio wants to create favourite meeting places: sustainable centres where people like to meet, spend their leisure time and shop; places they want to visit again.
In selecting investments, Corio focuses on shopping centres that are dominant in their catchment area. These are the projects where we can present the consumer a full range of shops, convenience stores, restaurants, leisure & entertainment as well as event space and a wide range of services.
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During the first half of 2009 values were under a lot of pressure.
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European commercial real estate investment markets saw a slight but continuing recovery during 2009 after one of the worst investment downturns in history. Investor confidence has improved from the historic lows at the beginning of 2009 and most economies have returned again to cautious growth. In the second quarter investment volumes in commercial real estate in Europe started to rise again from around € 11.5 to € 13 billion from the first to the second quarter, a 12.5% increase. The momentum was sustained in the third quarter, when an investment volume of around € 17.5 billion was reached - a 35% increase - and continued into the fourth quarter, when the volume of investments reached € 26 billion. Even though the total investment volume of 2009 reached nearly € 70 billion and indicates improving investor sentiment, full year volumes were still more than 40% down from a year earlier level, reaching the lowest level since 2001.
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Corio’s valuation policy entails a quarterly appraisal at market value for the operational portfolio and the development portfolio.
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In 2009 the value of the operational property portfolio fell from € 5,562.9 million to € 5,516.0 million.
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The revaluation of the operational portfolio in 2009 amounted to 6.3% negative.
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During 2009 the increase in net yields for retail property in the portfolio amounted to 60 basis points on average.
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The revaluation of the development portfolio in 2009 amounted to 8.7% negative.
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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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