Corio´s direct investment result up by 11.7% in first nine months of 2004 (NL)

Corio achieved good financial results in the first nine months of 2004. The direct investment result increased with € 15.7 million, or 11.7% to € 149.6 million compared to the same period the year before. Net rental income increased with € 6.6 million, or 3.5% to € 196.5 million.

Change in Dutch Guidelines
As a result of changes in Dutch accounting principles regarding the definition of the result, both realised and unrealised revaluation of investments are accounted for in the profit and loss account as from 1 January 2004.

In the first nine months of 2004, the direct investment result per share increased with € 0.24 to € 2.26, compared to € 2.02 in the first nine months of 2003. This increase is the result of an increase in rental income (€ 6.6 million), lower interest expenses (€ 6.1 million) and a one-time effect of € 4.0 million related to a release of a provision for Italian withholding tax on inter-company interest. The indirect investment result amounted to € 24.9 million. No valuations took place in the third quarter of 2004. Due to sales above book value that took place in the third quarter of 2004 the revaluation result increased to € 37.9 million. From this allocated administrative expenses (€4.8 million), an increase in tax provision (€ 7.8 million) and other changes amounting to € 0.4 millions are deducted. The average financial occupancy rate of the complete portfolio decreased slightly to 94.3% (2003: 95.2%) in the first nine months of 2004. For retail, office and industrial properties vacancy amounted to 3.5% (2003: 2.9%), 12,0% (2003: 9.8%) and 4.0% (2003:1.7%) respectively. The retail share of the portfolio increased to 73% in the first nine months of 2004 (year end 2003: 71%).

In the first nine months of 2004, property with a value of € 97.4 million has been sold. Investments amounted to € 46.3 million and the revaluation was € 37.9 million. The value of the property portfolio decreased marginally by € 3.2 million to € 3,805.5 million over the first nine months. The book profit of the sale of ´Centrada I and II´ in Toulouse (16,200 m²) is included in the third quarter result. These office properties were sold for more than 20% above book value of 31 December 2003. The office property ´L´Arcuriale´ in Lille (15,300 m²) was sold after 1 October and is therefore not included in these first nine months results. It was sold with a book profit of 10% compared to the book value at 30 June 2004. The property ´L´Arcuriale´ was fully let, however a large part of the lease contracts were due to expire in 2005/2006. The sale has a negative effect on the 2004 average occupancy rate of the portfolio, but the potential vacancy risk for 2005/6 has been reduced. The sale of the office properties in Toulouse and Lille, however, did contribute to the positive results for the first nine months of 2004. The net rental income from these two French properties and the office building ´Mar de Cristal´ in Madrid in Spain (sold at the end of January 2004) amounted to € 2.9 million for the first nine months of 2004.

Investments in the retail portfolio took place in amongst others ´Parkwijk´ in Utrecht (Leidsche Rijn) a new district shopping centre officially opened on 3 November, and further in optimisations in the existing portfolio.

Financial Position
Shareholders´ equity increased by € 20.8 million to € 2,250.1 million, because of the total investment result (€ 174.5 million) and the 2003 dividend (- € 153.7 million). As of 30 September 2004, the shareholders´ equity per share amounts to € 33.96 (year end 2003: € 33.65). The leverage (loans as a percentage of balance sheet total) amounted to 37.9% (year end 2003: 37.9%).

The total pipeline of potential committed projects (nearly only shopping centres) amounted per 30 September 2004 to € 601 million (year end: € 569 million), most of which will be completed

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