Retail
Portfolio and valuation
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.
Corio sold € 21.4 million in several small retail properties including Hollantlaan/Drommedarislaan (€ 9.6 million) and Zuidhaven in Zevenbergen (€ 3.2 million). The operational portfolio was revalued downwards by € 95.0 million, a reduction of 5.7% on the book value as at year end 2009 before revaluation. Increases in value totaled € 16.3 million, decreases totaled € 109.0 million and loss on disposals amounted to € 1.6 million.
Initial yields rose 40 basis points on average in Corio’s Dutch retail portfolio, pushing the net theoretical yield of the Dutch retail portfolio to 6.6% at year end 2009 from 6.2% at year end 2008. The net theoretical yield rose in the last half year by 10 basis points, indicating that yields are stabilising.
Source: Annual Report 2009, Chapter Review of Operations, page 53 (PDF, 6.362 kB)
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