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Place de cotation: EURONEXT
AMSTERDAM STOCK EXCHANGE
With an investment portfolio
of EURO 3.7 billion, Corio is one of the largest quoted property investment
companies in Europe with a primary focus on retail. Corio is actively involved
in many stages of the investment process, via its professional and dedicated
local organisations in The Netherlands (Utrecht), France (Paris), Italy
(Milan) and Spain (Madrid).
CORIO
N.V. : Corio's net rental income increased by 10.5% in the first quarter
(17/05/07 08:00 CET)
Highlights
first quarter of 2007
(Comparative
figures for Q1 2006 between brackets; unless stated otherwise)
-
The net rental income increased by 10.5% (6.1%) to E 78.9 m (E 71.4 m)
and 'like-for-like' net rental growth was 4.5% (3.5%) for the total portfolio.
The 'like-for-like' net rental growth for the retail portfolio was 4.7%
(4.6%).
-
EBIT (Earnings Before Interest and Tax) increased with E 6.3 m or 9.5%
to E 72.6 m (E 66.3 m).
-
The direct result amounted to E 51.1 m (E 50.9 m) or E 0.77 per share (E
0.77). The growth in net rental income (E 7.5 m) was offset by the increase
in financing costs (E 5.8 m), administrative expenses (E 1.2 m) and taxes
(E 0.3 m).
-
The average occupancy rate of the property portfolio improved 0.6%-point
to 96.2% over Q4 2006 (95.6%). In comparison to Q1 2006 the vacancy available
for leasing decreased 0.2%-point to 2.9% (3.1%) whilst average financial
occupancy was 96.5%.
-
The indirect result was E 46.0 m (E 16.4 m) or E 0.70 per share (E 0.25).
The internal revaluation result of the portfolio amounted to E 55.3 m (E
19.0 m) without taking further yield compression into account.
-
Net profit (direct and indirect result) rose by E 29.8 m or 44.3% to E
97.1 m (E 67.3 m) or E 1.47 per share (E 1.02).
-
Triple NAV (NNNAV) per share increased over 12 months with 20.0% to E 52.81
(year-end 2006: E 50.60, March 2006: E 44.01).
-
The value of the property portfolio increased to E 5.7 bn (year-end 2006:
E 5.5 bn); 81% of the portfolio is invested in retail.
-
Leverage was 35.8% as of 31 March 2007 (year-end 2006: 35.8%).
-
The proportion of fixed interest debt increased to 61% (56%) compared to
47% at year-end 2006.
-
The fixed pipeline increased by E 274 m, whereas the total FVP-pipeline
(fixed, variable and potential pipeline) increased by E 111 m or 5.2% to
E 2.2 bn (year-end 2006: E 2.1 bn; 31 March 2006: E 1.8 bn). During the
first quarter of 2007 shopping centres in Turkey and an office redevelopment
in France were added to the fixed pipeline.
-
Significant retailer interest and very good progress is made with respect
to the leasing of shopping centre Campania, north of Naples; approximately
85% of Corio's gross leasable area (64,500 m²) is already leased,
of which more than half to international anchor brands.
-
The outlook for 2007 as stated year-end 2006 (press release 23 March 2007)
is maintained.
Copyright
Companynews
Direct
result first half-year of 2006 in line with Corio’s outlook
Utrecht,
24 August 2006
Highlights
of the first half-year of 2006
·
Direct result amounted to € 98.9 million (H1 2005: € 100.4 million)
or € 1.49 per share (H1 2005: € 1.52 per share). Increased net
rental income was more than offset by higher operational and financing
costs and taxes.
·
‘Like-for-like’ net rental growth was 2.9% for the entire portfolio.
·
Average occupancy rate increased to 96.0% (H1 2005: 95.2%).
·
Positive revaluation result of the portfolio of € 194.3 million (H1
2005: € 75.2 million).
·
Increase net profit (direct and indirect result) by 61% to € 268.3
million (H1 2005: € 166.3 million) or € 4.05 per share (H1 2005:
€ 2.51 per share).
·
Triple NAV (NNNAV) was € 44.49 per share at 30 June 2006 or an increase
of 25.9% in comparison to the year before.
·
The real estate portfolio increased with 6.4% to € 4.8 billion (end
of 2005: € 4.5 billion); 79.4% of the portfolio is invested in retail.
·
The pipeline increased to € 1.4 billion (end of 2005: € 1.3 billion).
·
The outlook 2006 and beyond, as announced with the annual results over
2005, is maintained.
Corio
acquires shopping centre Maremagnum in Barcelona
Utrecht,
3 July 2006
Corio
has reached agreement on the acquisition of Maremagnum in Barcelona, a
shopping centre with a unique retail formula at a dominant location, for
€ 122 million (including acquisition costs) with effect from 1 July
2006. The acquisition is conditional on obtaining formal approval from
the Port Authority Barcelona who have granted a concession till 2049. Maremagnum
consists of
approximately
22,000 m² retail area with a range of top fashion retailers, good
quality leisure and restaurant operators and 850 parking spaces in the
Port Vell at the end of the popular boulevard “Las Ramblas”. The centre
opened in 1995 being the first waterfront shopping centre to be completed
in Spain and has been successfully refurbished and repositioned in 2005.
There are
various
possibilities to strengthen the concept further and add value to the project.
Maremagnum will immediately contribute to the earnings per share of Corio
and offers reversionary potential over the next few years.
The
shopping centre Maremagnum is situated at an excellent location on the
waterfront in the port ofBarcelona. More specifically it is located along
the Quay of Spain (“Moll de España”) part of the old port (Port
Vell). The province of Barcelona is one of the wealthiest and fastest growing
areas in Spain. The Barcelona province’s current population of more than
5 million inhabitants has grown by 8% since 2000 and it stands out as one
of the regions with the highest income per capita. Besides, the city is
an attractive
tourist
destination with approximately 11 million visitors per year. Road access
into Maremagnum is very good via Moll de España and there are sufficient
parking spaces in the parking garage belonging to the project (850 spaces)
and in various other parking garages located nearby. Public transportation
is good;there are two metro stops within walking distance and several busses
that stop in the proximity of Maremagnum. Considering its urban location,
pedestrian access into the centre is important and is
provided
for by the Rambla del Mar footbridge, which can be regarded as a prolongation
of the Ramblas.
Maremagnum
consists of two separate buildings with a total lettable area of approximately
22,000 m². The centre opened in May 1995, being the first waterfront
shopping centre in Spain. The centre was originally conceived as a pure
leisure destination. During 2005 the property went through a refurbishment
transforming Maremagnum into an attractive retail destination with some
leisure elements. The concept is focussed on what is currently in vogue,
casual, leisure time and enjoyment. The main building consists of
18,806
m² on three commercial levels in addition to a basement level car
park with 850 paid parkin |
