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NL shopping mall REIT Corio narrows loss; direct result rises 7%
Dutch shopping centre REIT/FBI Corio reported a 2009 net loss of E132m, narrowing the E240m loss from 2008, but saw its direct result rise nearly 7% helped by a climb in rental income. The indirect result saw portfolio writedowns reach 6.4%, contributing to a slide in its balance sheet assets to e5.89bn. "After a disastrous year in the financial markets in 2008, 2009 was the year of the aftermath," said CEO Gerard Groener. "Amid widespread corporate restructuring, Corio maintained a firm course and showed great resilience throughout the year." (See upcoming PIE editions for full story)