Business update for the period 1 January - 30 September 2013

Gerard Groener (CEO Corio):

"Since the implementation of our new strategic model at the start of the year, our complete focus has been on realising operational improvements in order to respond to the ongoing macroeconomic challenges across Europe. Moreover, our teams are working intensely on enhancing the fundamentals of the business to further improve Corio's shopping centres.

 

We are still confronted with the impact of the economic headwinds on our results, especially in Spain and the Netherlands. However, signals of economic recovery are visible in our other home markets. While it is too early to state that these signals characterize a sustainable economic recovery, we did manage to successfully change and improve the tenant mix of Le Gru in Turin and Centro Commerciale in Naples and they are back into full operation again since Q3. Before the end of the year, two more major projects, Marseille Grand Littoral and Porta di Roma, will be completed and will show improved occupancy rates and performance.

 

While we expect the remainder of the year to be challenging, especially for our TRC-portfolio, we confirm our outlook for 2013."

CONFERENCE CALL 9M 2013 UPDATE

Gerard Groener (CEO) and Ben van der Klift (CFO) are available for questions on Friday 8 November 2013 at 10.00 CET. You can listen to the call and ask questions by dialling: +31 (0)20 7965 008 or +44 (0)20 7162 0077, Conference ID: 938017. You can also listen to the call via:  http://corio.dutchview.nl/corio20131108-analyst:
http://corio.dutchview.nl/corio20131108-analyst. More details about the audiocast and call (more toll free numbers) can be found on Corio's website: http://www.corio-eu.com/other-news.html:
http://www.corio-eu.com/other-news.html.

 
Press release:
http://hugin.info/134201/R/1741614/585199.pdf


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Source: Corio NV via Thomson Reuters ONE
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