Corio Loss Narrows, Offers No Outlook Due To Takeover Talks
February 18 2010 - 12:13PM
Dow Jones News
Dutch real-estate company Corio NV( CORA.AE) Thursday said its
net loss in 2009 narrowed, mainly due to improved rental income,
but said it won't give an outlook for this year until it completes
talks about the acquisition of a number of malls in Western
Europe.
Corio currently is in talks with Dutch peer Multi Corp. about
the acquisition of a number of malls in Western Europe, and
Germany, in particular. The company said that it will provide an
outlook for 2010 once these talks have been concluded.
Corio posted a full-year net loss of EUR131.9 million compared
with a net loss of EUR239.6 million in 2008. The bottom line was
hurt by EUR389.7 million in write-downs on the value of its
assets.
Like many real-estate investors, Corio has been hit hard by the
economic downturn due to hefty impairments on the value of its
properties. At the end of 2009, Corio's portfolio was valued at
EUR5.89 billion, 2.5% lower than a year ago.
The group's direct result, which excludes the impact of
real-estate revaluations, tax, operating expenses and one-off
items, rose to EUR218.2 million from EUR204.1 million in 2008.
Investors watch this figure closely, as it is used to calculate
dividend payments.
Corio is one of Europe's biggest investors in shopping malls and
competes with Franco-Dutch Unibail-Rodamco SA (UL.FR) and
Netherlands-based Wereldhave NV (WHA.AE). Its biggest tenants
include food and fashion retailers such as Royal Ahold NV (AH.AE),
Hennes & Mauritz AB (HM-B.SK) and Inditex SA (ITX.MC).
Corio's shares closed Thursday at EUR43.87.
-By Maarten van Tartwijk; Dow Jones Newswires; +31 20 571 5201;
maarten.vantartwijk@dowjones.com
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