Corio sees portfolio increase in value in Q1

Listed retail specialist Corio booked a direct result of EUR 56 mln in the first quarter of this year, an increase of 12.7% compared to the same year-earlier period. The indirect result came to - EUR 12.8 mln compared to -EUR 154.8 mln in Q1 2009. The portfolio rose EUR 2.8 mln in value to EUR 6.5 bn at end-March. In the same period last year, Corio booked a writedown of EUR 170.3 mln. About 95% of the portfolio is invested in retail.

Net rental income was up 2.1% at EUR 84.5 mln. Like-for-like net rental growth of the retail portfolio rose 0.1%

Following the acquisition of new developments from Multi Corporation, the pipeline of new projects is valued at EUR 2.8 bn, an increase of EUR 535 mln. The company's gearing ratio stood at 38% at end-March compared to 40.4% in the year-earlier period.

In a comment, CEO Gerard Groener said: ' It has been an exciting beginning of the year for Corio. Next to the Multi deal and accompanying successful accelerated book building we also announced two transactions of operational shopping centres in Italy. Looking at the small but nevertheless
positive result on valuations in the first quarter of 2010 for Corio we are again working on the future, growing the portfolio and extending our pipeline in a profitable way, without forgetting the past. Corio is working hard on the integration and kick-start of the new business unit in Germany. We are looking forward to work together with our new colleagues and joint venture partners on a successful future.'