NETHERLANDS - Net profits of property investor Corio rose by over 44% to over €97m during the first quarter, the company announced.
Compared to the first quarter of last year, net rental income increased 10.5% to €78.9m and there were like-for-like net rental rise for the total portfolio and the retail portfolio of 4.5% and 4.7% respectively, the firm said.
Since the first quarter of 2006, the value of Corio’s total pipeline projects have increased by €400m to €2.2bn. The fixed pipeline grew by €274m, and includes the shopping centre Adapazari in Turkey, as well as the €120m office redevelopment Le Newton near Paris.
"Significant retailer interest and very good progress has been made on the leasing of retail centre Campania near Naples," Corio said. "Approximately 85% of gross lettable area of 64,500 m2 has already been leased, over half of which is to international anchor brands."
During the first quarter, the occupancy rate of Corio’s properties rose by 0.2% to 97.1% while the financial occupancy was 96.5% and its triple NAV per share climbed 20% to €52.81 per share compared with last year.
In April, Corio signed a sale and lease back agreement for the €10.7m acquisition of a 2,150 m2 in regional shopping centre Mondeville 2 near Caen, France, "leading to ownership of 15,450 m2, and over 44% of co-ownership of the centre", it said.
Corio is an investor in and manager of mainly retail centres in Europe and on the Euronext in Amsterdam and Paris.