 Corio is one of the largest listed property investment companies with a focus on retail in Europe. |
Corio, rival to French-listed Unibail-Rodamco and Klepierre, reported a first-half operating profit -- rental income minus costs -- of 1.46 euros per share.
Four analysts in a Reuters poll gave forecasts in a range of 1.46 to 1.50 euros per share.
It forecast full-year operating profit in line with last year's figure of 2.88 euros per share.
"This outlook reflects today's expected interest rate developments, expected rent indexation, letting and renewal results and higher occupancy level in Corio's current strong retail portfolio," the company said in a statement. Corio bought into the German retail market March last year via a 1.3 billion euro ($1.8 billion) asset deal and 600 million euros share issue, and its latest purchase was last month of a French shopping centre for 96.4 million euros.
Corio said its property portfolio, consisting of shopping centres in the Netherlands, France, Germany, Italy, Spain and Turkey, was valued at 7.2 billion euros at the end of June, up from 6.99 billion euros.
It said it plans to sell 360 million euros worth of properties, including nine retail locations in the Netherlands worth 100 million euros, as well as properties in France and Germany.
"The majority is expected to be sold before the end of 2011 and the remainder in the first half of 2012," it said.
Its tenants include international retailers such as Swedish fashion chain H&M, Spain's Inditex's Zara, French supermarket chain Carrefour, and computer and phone maker Apple.