Retail
Portfolio and valuation
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.
The operational portfolio was revalued downwards by € 98.0 million, a reduction of 5.9% on the book value as at year end 2009 before revaluation. Upward revaluations totaled € 6.0 million while downward adjustments totaled € 104.0 million.
In general initial yields rose between 40 and 60 basis points, pushing the net theoretical yield of the French retail portfolio to 6.4% at year end 2009 from 5.9% at year end 2008. Over the second half year no further yield shift took place, indicating that the market is stabilising.
Source: Annual Report 2009, Chapter Review of Operations, page 56 (PDF, 6.362 kB)
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