Amsterdam-listed Corio has booked a direct result of EUR 251 mln for 2010 up from EUR 218 mln the year before largely thanks to the EUR 1.3 bn pan-European portfolio acquisition from Multi Corporation last year. Europe's third largest shopping centre specialist saw its operational portfolio increase in value from EUR 5.7 bn in 2009 to EUR 6.9 bn in 2010.
Amsterdam-listed Corio has booked a direct result of EUR 251 mln for 2010 up from EUR 218 mln the year before largely thanks to the EUR 1.3 bn pan-European portfolio acquisition from Multi Corporation last year. Europe's third largest shopping centre specialist saw its operational portfolio increase in value from EUR 5.7 bn in 2009 to EUR 6.9 bn in 2010.
Net rental income rose to EUR 387 mln from EUR 337 mln. The company's pipeline rose from EUR 700 mln to EUR 3 bn in 2010.
The company recorded a total result of EUR 376 mln last year from - EUR 131.9 mln in 2009.
Describing 2010 as the 'Great Leap Forward', CEO Gerard Groener noted that Corio completed its entrance to Germany via the Multi deal at the end of march.
'The deal gave us four shopping centres in Germany, Spain and Portugal and a development portfolio consisting of five projects in several, attractive German cities. Germany has very few international players in the shopping centre market and relatively few German players of any scale. Our acquisition of 110,000 GLA m2 of retail space catapults us right to number four in the German market. Growing that portfolio in a profitable manner, will be the challenge,' Groener said.
Groener added that the deal was immediately accretive to the direct result: 'We promised to maintain our dividend per share, our payout ratio rose quite steeply. Meanwhile we remain in fit financial shape, with leverage steady around 40% - a level we feel comfortable with,' he said.
