Corio CSR Report 2012

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CORIO CSR REPORT 2012

1

CSR

REPORT2012


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1

2CSR HIGHLIGHTS

10CSR STRATEGY

19ROOTED INSOCIETY

35CSR GOVERNANCE

4WHO WE ARE ANDWHAT WE HAVE TO

OFFER

11CSR PERFORMANCEDASHBOARD 2015

23LEADERSHIP AND

OUR CULTURE

36ABOUT THISREPORT

5STRATEGY

12OUTLOOK

25SUSTAINABILITY INOUR OPERATIONS

37CSR RISK ANDCOMPLIANCE

6CORIOS

STRATEGICPRINCIPLES

13STAKEHOLDERENGAGEMENT

29CREATING

SUSTAINABLECENTRES

38REPORTINGDEFINITIONS

3PERFORMANCE

TABLE

14UPDATE SOCIAL

RETURN ONINVESTMENT

32CORIOS

PARTNERSHIP WITHSAVE THE CHILDREN

39GLOBAL REPORTINGINITIATIVE (GRI)

TABLE

7STRUCTURE OF

CORIO

8CEO MESSAGE

15KEY TOPICS

16PUTTING

CONSUMERSFIRST

33STATEMENT

SUPERVISORYBOARD

42EPRA BESTPRACTICES

34ASSURANCE

REPORT

43ADDRESSES ANDOTHER INFO


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2CSR HIGHLIGHTSJANUARY Hoog Catharine reaches an energy reducton or coolng o 66% snce 2007, whch corresponds wth the annual

electrcty usage o 1,100 households and 40% has been saved on town heatng, correspondng wth the usage o

heatng by 1,800 households.

MARCH 80 prmary school chldren attended the semnar Let Us Save Our Future Together n Coro Turkeys Tekra ShoppngCentre.

Coro tala moves nto new, BREEAM Very Good certed, oces.

APRIL Coro Nederland voted Great Place to Work.

MAY Second Healthweek n our Utrecht oce, a week n whch extra attenton was asked or a healthy lestyle.

JUNE Madam Yoo (Ban) Soon Taek the we o Ban K Moon (Secretary-General o UN) vsts the nternatonal LeadershpAcademy n Turkey, whch Coro runs n collaboraton wth Save the Chldren.

JULY Prncpe Po s the rst shoppng centre n Coro portolo to obtan an SO14001 certcate.

SEPTEMBER The centre management team o Gran Tura shoppng centre won the AECC slver medal n the category Apartadoresponsabldad socal corporatva.

Coro wns the Jones Lang Lasalle Green Brck Award or outstandng sustanablty perormance.

OCTOBER Openng Amsterdam Stock Exchange wth Save the Chldren to hghlght the collaboraton and results acheved.

NOVEMBER Coro receved the award or most sustanable lsted real estate und n the Netherlands on 28 November 2012 romVDBO (The Dutch Assocaton o nvestors or Sustanable Development).

DECEMBER Coro Espaa organsed a second ar n Gran Tura shoppng centre or the benet o unemployed people n thecatchment area.


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3

Financial Data, in 2012 2011 2010

Operatonal portolo value (bllon) 6.6 7.0 6.7

Ppelne, commtted and deerrable (bllon) 1.8 1.9 2.5

Property operatng expenses (mllon) 59.0 52.0 48.5

Net rental ncome (mllon) 397.5 396.5 367.9

Admnstratve expenses (mllon) 45.4 40.1 38.9

Audt ee (mllon) 1.2 1.1 1.8

Centre Data 2012 2011 2010

Number o centres 79 86 86

Retal contracts 6,200 6,250 6,000

Number o vstors (mllon) 415 410 400

Centres that survey consumers yearly (%) 66 63 50

NR nvested n projects n 3E* scope (%) 0.29 0.24 Nd**

Vacant GLA used or projects n 3E scope (%) 0.85 1.58 Nd

Man hours nvested n projects n 3E scope (%) 0.40 0.35 Nd

Electrcty ntensty (kWh/m2), lke-or-lke portolo 97.5 101.6 103.8

Carbon emssons ntensty (tonnes CO2/m2), lke-or-lke portolo 0.028 0.031 0.039

Green leases sgned (%) 57 20 N/A

Water ntensty (ltres/m2

), lke-or-lke portolo 965.7 771.1 842.5Waste ntensty (kg/m2), lke-or-lke portolo 11.6 12.0 14.2

BREEAM Good or hgher or new developments (%) 20 11 N/A

Supplers that sgned the Code o Conduct (% o new contracts) 80 92 N/A

Key Perormance ndcators on whch lmted assurance s provded.

Human Resource Data, as at 31 December 2012 2012 2011 2010Total FTE*** 577.5 553.1 431.1

Total employees (headcount) 599 571 462

Total men (headcount) 291 278 209

Total women (headcount) 308 293 253

Male/emale consttuton 49/51 49/51 45/55

Employee compensaton ( gross wage per FTE) 57,028 55,999 57,258

Women n management postons (%) 28.6 30.5 36.0Absenteesm (%) 2.22 1.89 2.06

Employee turnover (%) 15.8 11.9 4.4

Workorce that receved tranng (%) 56 53 Nd

* Projects n 3E scope reer to communty projects wth nvestments n Educaton, Employment and/or Entrepreneurshp.

** No data.

*** Full Tme Equvalent.

PERFORMANCE TABLE


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4WHO WE ARE ANDWHAT WE HAVE TO OFFER

VSONThe retal envronment s changng rapdly.The market s movng rom beng supply-drvento demand-drven. Retal s evolvng rom ashoppng experence to a socal experence.And sustanablty s ncreasngly bengntegrated n daly le. We are adaptng tothese new realtes. Our sklls, combned wthtechnologcal opportuntes, are enablng us tocreate somethng new. To create places wherepeople connect wth shoppng centres and wtheach other: places where ndvduals can relax,socalse, eel at home and be nspred.

WHYPeople have been gong to markets orthousands o years not just to ulll basc needs,but to partcpate n a communal experencewth others, to share experences, get news anddeas, receve educaton, escape rom ther dalyle, nd rends and eel a sense o communty.

Today, n an ncreasng urbansng world, wherethe demse o tradtonal socetal nsttutonsand the rse o a networkng socety redenesocal realty, we beleve t s our purpose tocontrbute by creatng meanngul meetngoccasons.

Favourte Meetng Places are our answer.t s how we sht rom metres to meanng.From channel-thnkng to customer-thnkng.And rom a Tradtonal Retal Centre to a vbrantdestnaton that enrches consumer lves andthat takes care o and serves the consumer andcommunty.

MSSONTo mprove our poston as a leadng Europeanretal property nvestor by contnuously adaptngour centres to the changng needs and demandso our customers.

CORO S A RETALPROPERTY COMPANY.OUR CORE BUSNESS STO CREATE FAVOURTEMEETNG PLACES THROUGH

SELECTNG, DEVELOPNG,AND OPERATNG SHOPPNGCENTRES N EUROPE.OUR VSON S TO CREATEPLACES WHERE PEOPLELKE TO MEET AND RETURNTO, ANY TME OF THE DAY,FOR ANYTHNG AND N ANYMOOD.

IN DOING THAT CORIO WANTS TO:

> Team up wth retalers that are best nclass and help them outperorm

> Be shortlsted by muncpaltes ndevelopng large-scale, cty centreprojects

> Be a top envronmental and socalperormer among sector peers

> Sustan a strong nancal prole

> Provde nvestors access to hgh qualtyretal property exposure n contnentalEuropes man markets

> Be a preerred employer or proessonals


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WHERE WE COME FROMSnce 2000, Coro has grown rom a Dutchmxed retal und to a pan-European real estate

company wth a clear ocus on retal. Thecompany has a presence n the largest consumermarkets n contnental Europe, managements ully n-sourced and the busness has asold nancal poston. n the changng retallandscape Coro s now ready to enter thenext phase and take advantage o utureopportuntes and dynamcs n the ndustry.

n December o 2012, Coro announced tsntentons to ully ocus ts portolo on theFavourte Meetng Place concept. FMPs areplaces where people browse, buy, eat, drnkand return to regularly, not because they needto, but because they want to. We are convncedthat Favourte Meetng Places wll generategreater economc actvty, as reected n rsngootall and converson rates. Over tme, thesecentres wll delver hgher captal value andcash ow growth, drven by ther greater appealor tenants as well as ther redevelopment andextenson opportuntes.

SUBSTANTALDVESTMENTSDespte beng good perormng centres, part oCoros portolo wll not be able to ully adapt

to the FMP concept. These so-called TradtonalRetal Centres (TRC) ocus on daly needs, arepure convenence based and oten, but notalways, smaller assets. The decson to urtherspecalse has trggered the dsposal o thspart o the portolo. TRCs make up 17% oCoros total portolo value and wll be dvestedgradually over the next 3-4 years.

LOWER LEVERAGE ANDGREATER EFFCENCY

The proceeds o the dvestments wll enableCoro to nance the company at lower leveragelevels. The ocus on a smaller number o, onaverage, larger assets also means we canmprove the ecency o the organsaton,lowerng operatonal and admnstratveexpenses.

All n all, the ull ocus on FMPs wll lead toa superor qualty shoppng centre portolo,enhanced growth opportuntes and a moresound captal structure wth lower leverage.

Ths serves as a sold platorm to drve utureprotable growth.

AGLTYThe company wll be more ocused on the outputthan on the process, ecency beng the keyword. The mplementaton o a new perormancemanagement system that s ocused onexecuton and output s supportve n makngths change. Ths translates nto strct targets,strngent cost controls and benchmarkng.Vgorous executon o our strategy s what t sall about. More aglty and a cash ow drvenmndset s key n makng that happen.

STRATEGYMID TERM OBJECTIVES

Increase the qualty o the portolo through:

> Dsposal o 1.4 bllon> An enhanced concept & tenant mx> Hgher ootall and converson rates> Overall NR growth o the FMP portolo o 4% - 6% per year> Leverage o 35% - 38%> 10% reducton n operatonal and admnstratve expenses relatve to Gross Theoretcal

Rental ncome> Hgher revenues rom other ncome streams besdes rent> Culture movng towards more aglty, cash ow drven and vgorous executon

FURTHER SPECALSATON:FULL FOCUS ON FAVOURTEMEETNG PLACES


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ADAPTABLTY ANDFLEXBLTYWe recognse the mportance o understandngand adaptng quckly to the changng demandsand habts o people, and the trends that gudethem. We create our centres to be adaptable tochange. Everythng s done n house wth centresmanaged, marketed and leased by Coropeople. We beleve ths s the only way to createthe exblty that enables us to adapt.

SUSTANABLTYTo be successul, we beleve our centres shouldbe socally, envronmentally and nancallysustanable. We see sustanablty as a catalystor growth, whch we dene as contrbutngpostvely to the economc and socaldevelopment o the regons where our stes are

located n. n upgradng our stes or example,we create new and attractve amentes,generate jobs and buld communtes.

CRTCAL MASSn each country we need crtcal mass to operateecently and attract the best possble team.Coro has acheved ths n all o ts core markets.Sze s not the ultmate and sole objectve, butt matters: to run an eectve marketng strategyon a shoppng centre level, the centre needs tobe domnant n ts catchment area. Ths thenoers us a range o opportuntes to gan marketshare by commercalsng, redevelopng orextendng the centre.

FLEXBLE FUNDNGWe have bult smlar exblty nto the undngprogramme o our company wth xed andoatng debt and well balanced maturtes roma wde varety o sources. Our dversed andsold captal base ensures that we have enoughheadroom to act quckly when opportuntes

arse.

OPERATONAL EXCELLENCEOperatonal excellence ensures that we runour busness n the most protable way. Strongcooperaton between centre marketng, leasngand desgn & development ensures we createmaxmum value and opportuntes when (re)developng and extendng our portolo. n-depthresearch and analyss o consumer needssupports these plans so that we can detecttrends and needs at an early stage. Ths enablesus to expand our busness and create newsources o ncome or our centres.

NNOVATONCoro has set up an nternal platorm, calledLaunchLab, ocused on helpng Coro tonnovate and execute the Favourte MeetngPlace strategy. The programme ams to dscovernew strategc nsghts, as well as support

nnovatve deas to quckly move nto acton,boostng revenues rom other ncome streams.

One tangble nnovaton that arose rom theplatorm n 2012 s Brtelayer: a customerrelatonshp management platorm that oersa multchannel brand experence to consumersand provdes new nsghts or FMP managementteams to cater or consumer needs. n 2013Coro s plannng to mplement Brtelayerservces n varous centres throughout theportolo, ollowng Le Gru, Campana andAlexandrum.

CORIOS STRATEGIC PRINCIPLES


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NETHERLANDS 28%

FRANCE 25%

TALY 18%

SPAN/PORTUGAL 10%

GERMANY 10%

TURKEY 8%

OTHER 1%

FMP 83%

TRC 17%

NETHERLANDS 41%

FRANCE 5%

TALY 20%

GERMANY 34%

GEOGRAPHIC SPREADBY VALUE

FMP TRC SPREADBY VALUE

PIPELINE SPREADBY VALUE

SECTOR SPREADBY VALUE

RETAL 99%

OTHER 1%

7.1BLLON 7.1BLLON 7.1BLLON 1.8BLLON

OFFCE SUPPORT MARKETNGLEASNG

CENTER MANAGEMENT

BUSNESS SUPPORT

STRUCTURE OF CORO

NVESTOR RELATONSHUMAN RESOURCES MANAGEMENTCORPORATE PR & COMMUNCATONSNVESTMENT STRATEGY & ACQUSTONSRESEARCH & CONCEPTSCORPORATE SOCAL RESPONSBLTY

TRC DSPOSAL TEAM

SUPERVISORY BOARDDERK DOIER CHAIRMANROBERT VAN DER MEER VICE CHAIRMANGOBERT BEIERROEL VAN DEN BERG

JAAP BLOKHUSJOHN CARRAFELL

MANAGEMENT BOARDGERARD GROENER CEOBEN VAN DER KLFTCFOFREDERC FONTANE COO/CDO

LEGAL & COMPLANCERSK MANAGEMENT

TREASURYFNANCE & CONTROL

TAXNFORMATON MANAGEMENT


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8CEO MESSAGE

WE ARE CONVNCEDTHAT CSR S CRUCAL

N EXECUTNG OUR FMPSTRATEGY. OUR FAVOURTEMEETNG PLACES SMPLYCANNOT MEET THERDEFNTON WHEN THEYARE NOT MANAGEDN A CONSCOUS ANDSUSTANABLE WAY.

Coro has chosen a company specc sharedvalue approach as a bass or CSR. Thsmeans that we have the ambton to optmseperormance on elements that create valueenvronmentally and socally and economcallyat the same tme. The case or ths approach sclear. t helps us buld strong and meanngulrelatons wth consumers and antcpate therchangng demands and needs. Consumerloyalty helps us sustan and ncrease vstorcount. t deepens the relatonshp wth retalers,oten havng sustanablty goals o ther own,uellng nnovatve partnershps and sustannghgh occupancy levels. t enables us to provdeour employees a sound workng envronment,where they can get the best out o themselves.t helps us hedge aganst rsng energy prces,

changng legslaton and resource scarcty. turther embeds our centres n the communtesn whch we operate, securng our lcense tooperate and to grow.

Overall, we met our sustanable targets andshowed very good perormance on KPIs n2012,whch s also seen and apprecatedby the outsde world, as we won a GreenStar wthn the GRESB, a hghly relevantsustanablty benchmark ntated by a largegroup o nsttutonal nvestors (ncludng APGand PGGM). The pace at whch Coro moved tots current poston has led to the Green BrckAward and the award or most sustanable lstedproperty group (VBDO). Our Marselle GrandLttoral centre won the CSR Award organzed

by the French Natonal Councl, ltng wasterecyclng rates rom 45% at the end o 2010to 53% at the end o 2012. We support thenternatonal Labour Organsaton prncples onundamental labour rghts and were voted one othe best employers n the Netherlands and taly.As a result, we are now enttled to call oursela Great Place to Work, whch s a true honour.Coro s now among the top perormng propertycompanes socally and envronmentally, whchwll support us n urther rollng out our FavourteMeetng Places strategy.

Wth regard to complyng wth standards setby the Buldng Research Establshment, wedd not manage to have all o our projectsBREAAM certed, as one o our projects n

the Netherlands dd not meet all crtera wthnthe gven tmerame. Ths only makes usmore determned to really ntegrate our CSRobjectves n the organsaton, to make surethese standards are ntegrated rght rom thestart o a project.

We are a member o the Dow JonesSustanablty Index or both Europe and the

world, puttng us n the top 15% o propertycompanes worldwde. As the longest-runnngsustanablty ndex, t s the rst reerence ornvestors lookng or sustanable opportuntes.Further measurement s provded by the actthat we have urther ncreased transparency andreportng qualty through assurance o the CSRdata. Ths s a necessty and an expectaton o

GERARD GROENER (1958)

CEO and charman o the Management Board

Apponted rom 1 May 2012 to 1 May 2016

Dutch natonalty

Ancllary postons Charman o the board o

the Dutch Urban Land nsttute (rom 1 January

2009). Member o the Supervsory Board

Bouwnvest (rom 7 December 2010),

vce charman EPRA Executve Board


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9

our stakeholders. n 2013, a rst audt o theCSR data takes place on a selected amount oKPs. PwC, our man audtor, wll perorm theaudt and provde lmted assurance. We alsoam to start provdng ntegrated reportng nthe near uture, combnng nancal and extranancal results ncludng sustanablty, n onereport.

As CSR contnues to be an ntegral part oour Favourte Meetng Places strategy, we wllocus on addressng the trend o conscousconsumng and proactvely encourage

vstors o our shoppng centres to adoptsustanable and healthy lestyles. We wllcontnue to organse projects lke the job marketn Valenca, whch truly addressed ssuesn socety. The act that our urban garden nNapels, whch contrbutes to a greener cty, hasbecome a popular place to go or the ctzens,

chldren n partcular, encourages us to amor great rather than good. The hgh numbero canddates or our Mums wth guts projectn the Dutch cty o Spikensse, conrms ourbeleve that we can play a part n stmulatngentrepreneurshp among resdents lvng nearour shoppng centres. n a school project nthe cty o Arnhem, we addressed the obestyssue, whch gave us the opportunty to help tolearn adolescents about the mportance o lvnghealthy and consumng responsbly.

We dd show good progress n reachng ourCSR goals and we dd make great steps n theexecuton o our strategy. Stll we have a lot owork to do to keep the momentum n 2013,thereore we have set ourselves challengng newgoals and ambtous KPs n order to prepareourselves or the leap towards top perormancen 2014. These can be ound n the chapters onkey topcs n more detal

On behal o the Management Board, hopeyou wll enjoy readng our CSR approachand achevements n 2012. you have anycomments or suggestons, please let us knowva Twtter, @CoroCSR.

Thank you.

Gerard Groener

Chie Executive Ofcer Corio N.V.

Snce Coro began back n 2001, we have ncreasngly ocused on developng and runnng European

retal property operatons n a sustanable way. Respondng to the desre or urther specalsaton,

we beleve now s the tme to take the next step, by ocusng ully on Favourte Meetng Places:

places where people go or any reason, whether just to meet rends or have a good tme, have a bte

or a drnk, and to return regularly. Analysng the CSR perormance o our Favourte Meetng Places

(FMP) and the Tradtonal Retal Centres (TRC):


2012 CSR performance of the Corio portfolio Total FMP TRCCentres that survey consumers yearly (%) 66 72 36

NR spent on projects n 3E scope (%) 0.29 0.27 0.67

GLA made avalable or projects n 3E scope (%) 0.85 0.74 1.67

Total avalable man hours made avalable or projects n 3Escope (%)

0.40 0.53 0.15

Electrcty ntensty (kWh/m2) 97.5 99.4 93.7

Carbon emssons ntensty (tonnes CO2/m2) 0.028 0.033 0.026

BREEAM Good or hgher or new developments (%) 20 20 0


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10CSR STRATEGYOUR CSR AND BUSNESSSTRATEGY ARE NTEGRALLYLNKED. OUR FAVOURTEMEETNG PLACES SMPLY

CANNOT MEET THERDEFNTON WHEN THEYARE NOT SUSTANABLE.

BUSINESS STRATEGY: FURTHER SPECIALISATIONThe Favourte Meetng Place concept, o creatngvenues that attract people to browse, buy, eat,drnk and return regularly, not because theyneed to, but because they want to, has alreadybeen part o the Companys strategy or severalyears . n December 2012, Coro announcedts ntenton to ully ocus ts portolo on ths

propretary FMP concept. We are convnced thatFavourte Meetng Places wll generate greatereconomc actvty, reected n hgher ootalland converson rates. Over tme, these centreswll delver hgher captal value and cash owgrowth, based on ther superor attractonsor tenants, redevelopment and extensonopportuntes.

CSR FULLY INTEGRATEDWe are convnced that CSR s crucal nexecutng ths FMP strategy. We beleve thatCSR helps us to truly connect wth consumers,especally n the rapdly changng world welve n today. t helps us to work together wthour retalers n an nnovatve way. t enablesus to provde our employees a sound workngenvronment, where they can get the best outo themselves. t makes our centres contrbuteto the socety by mnmsng our mpact on theenvronment and maxmsng our socal andeconomc mpact. n other words, operatngresponsble makes us a more attractvecompany. Our Favourte Meetng Places smplycannot meet ther denton when they are notmanaged n a conscous and sustanable way.

As stated n the gear box presented aboveCoro has the ambton to reach the lastntegrate stage n 2014. At that momentwe can truly say that we create value botheconomcally and socally at the same tme.Measurement, analyss and evaluaton arevtal n achevng ths. n 2011 we have startedwth the CSR perormance managementprogramme. The rst step was the desgn oa reportng structure on CSR perormance,our CSR perormance model. Ths model hasbeen mplemented n all busness unts andn 2012 we have ntegrated ths model ntolocal operatonal processes. Ths enabled us totranslate our company wde overall targets nmore concrete KPs on a busness unt level.

Based on sel assessment, we related thesecond gear o CSR maturty to our stuatonn 2010. Our agenda n 2011 was ocussedon consoldatng ths stage and we succeededn dong so n the past year. Stakeholderengagement has become more prevalent,partly as a result o the programme spreadngour roots, whch could not and cannot bedone wthout the close nvolvement o ourstakeholders. We made the leap to gear three n2012, wth an outlook to consoldate ths stageo partnershp n 2013.

SHARPENED TARGETS AND NEW KPISThe decson to ully ocus on our FMP portolowas taken smultaneously wth the start o anew phase n our CSR strategy and executon.n 2010 we dented ve key topcs n order tobrng ocus nto our CSR approach and eorts.On each o these key topcs, a long-term goal(wth a ve-year horzon) and a md-term goal(n three years tme) was dened. For eachtopc a number o KPs were ntroduced. n

the last two years we have made progress nachevng these goals and meetng our KPs.

The mplementaton o our CSR perormancemanagement model has enabled us to sharpenour targets or the uture. t has also enabled usto ntroduce new, more concrete, KPs to reallymeasure our perormance on these targets.

WE HAVE:> Determned a coherent and measurable set o

strategc and operatonal CSR objectves> Expressed the Coro CSR vson, ambtons

and strategy n these objectves> Created a roadmap or mplementaton,

ncludng roles and responsbltes

WE NOW CAN:> Keep track o CSR perormance wthn Coro> nvolve our busness unts more eectvely n

producng CSR results> Place responsblty or CSR data

(perormance)management at busness unt level

> Manage CSR data on central corporate level

PARTNER,ENGAGEMENT

We relate ths stage toour current stuaton and

wll ocus n 2013 onconsoldatng and enterng

nto the next phase.

INTEGRATE,COMMITMENT

We have several crtera o thsstage already n place, but

want to ully reach t nthe medum term(next two years).

1 3

2 4

COMPLYReactve

ComplancePublc relatons

Phlanthropy

SHAREDVALUE

Ths s our longterm ambton

(next veyears).

VOLUNTEER,RAISING AWARENESS

AwarenessMeasurng and managng

envronmental mpactEco ecency

Rsk management


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11CSR PERFORMANCEDASHBOARD 2015

Value drver Objectves, targets KPs

PUTTINGCONSUMERS

FIRST

mprovng well beng Provdng, n close cooperaton wthour busness partners access to andavalablty o products and servcesthat mprove the well-beng o ourconsumers at our centres

Amount o outlets, also as %o total outlets o the centre,occuped by busness partners wthsustanable products/ servces nther oerng, that have a drectpostve mpact on the well-beng oour consumers (Leadershp KP)

Buldng strong relatonshps mprove consumer satsacton rates Consumer satsacton (x% oconsumers that rate us as good/excellent)

ROOTED INSOCIETY

Maxmsng local mpact Total SRO o our 3E programmes,measurng the total mpact onsocety o the 3E programs

Total SRO (Leadershp KP)

Buldng strong relatonshps Partnerng wth local stakeholdergroups to contrbute to socal

coheson

Brngng consumers together (# oconsumers brought together va

specal events at our shoppngcentres) (Leadershp KP)

LEADERSHIP& OURCULTURE

Becomng hghly attractve employer Attract and retan employees Attracton and retenton rate

Buldng strong relatonshps mprove employee engagement rateto mprove satsacton employees

Employee engagement rate (e.g.% o employees that rate Coro asgood/excellent)

SUSTAINABILITY INOUR OPERATIONS

Maxmsng the value o our centres Reduce the carbon ootprnt o ourexstng shoppng centres wth 40%

% reducton o CO2

- ootprnt(n tonnes CO

2) o our exstng

portolo (Leadershp KP)

ncorporate CSR-related actorsnto nvestment process o allnew nvestments/ nvestment

opportuntes

% o total nvestment proposalsthat assess ther CSR mpact

Buldng strong relatonshps Develop and mplement tenantengagement programme ncludngCSR

% o tenants engaged wth onenvronmental/socal ssues

CREATINGSUSTAINABLECENTRES

Maxmsng the value o our centres Acheve BREEAM Very good/Excellent on all new buld projects

% o BREEAM Very good/Excellent ratngs as part o all newbuld projects

Buldng strong relatonshps Develop comprehensve plans wthsupplers to reduce envronmentalmpact o development/reurbshment actvtes andmaxmse accompanyng busnessbenets

% o supplers Coro engaged wthonenvronmental/ socal ssues


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12OUTLOOK

CORO S NOW AMONG THETOP PERFORMNG REALESTATE FUNDS, SOCALLY

AND ENVRONMENTALLY.HOWEVER, TO STANDSTLL S TO BACKSLDE. N2013, WE AM TO TAKE TOTHE NEXT LEVEL A SELECTNUMBER OF PROJECTSALREADY UNDERWAYTHAT HAVE SHOWN THEGREATEST POTENTAL TOMAKE A DFFERENCE NCSR TERMS.

THE FOCUS WILL BE ON THE FOLLOWING> Stakeholder engagement provdesopportuntes to urther algn busness practceswth socetal needs and expectatons, helpng todrve long-term sustanablty and shareholdervalue. t acltates early detecton o trendsand uture ssues, prortsng them. t creates amutual understandng o each others nterests,dlemmas, role n socety and contrbuton tosocety. Creatng a bass or collectve acton,partnershps and allances. Engagement wthour stakeholders takes place n varous orms,on varous levels o our organsaton andthroughout the value chan. However, a strategcstakeholder dalogue has not yet been setup structurally. To ths end, a process wll bentated n 2013 that brngs our most mportantstakeholders together, creatng new solutonsand drectons.

> n 2013, the SRO methodology wll graduallybe ntegrated nto local management practces,dashboards and reportng lnes. Adjacent toths process, executon o the SRO approachs acltated by the urther roll out o the plotsconsdered successul n ths respect. Severalplots are n scope or up scalng: a.o. theemployment days n Valenca, Moms wth Gutsn Spikensse and the urban arm n Napels.

> Energy ecency and cost reducton.Wth rsng energy prces and ncreasngenvronmental regulaton, energy ecency hasbecome a clear busness case or real estate.Durng 2012 a concept case has been bult,based on envronmental data and nancaldata. Ths case shows substantal room orecency and cost reducton. n order totest the case n practce and learn rom thenumbers, two plots wll be ntated wthnthe FMP portolo n 2013. Ths wll enable usto experment wth nnovatve perormancecontracts n a controlled way, reducng rsks andenhancng energy and cost ecency. The bestpractce retreved wll be made ready or urtherroll out.

> A Coro group verson o the green lease sto be set up, not only to harmonse leasng

contracts and ntegrate best practce, but alsoto create a contract that resolves the spltncentve. The splt ncentve reers to the actthat nvestments n the area o energy ecencymade by the owner, come back to the tenant bymeans o lower servce charges. An nnovatvegreen lease resolves ths ssue, by sharng thebenets o energy ecency. The expectaton othe market s that ths could mpact valuaton ndue tme.


14/44


13STAKEHOLDER ENGAGEMENTTo contnuously mprove our managementand operaton o the centres, we engage wtha wde varety o stakeholders. Stakeholderengagement takes place on varous levelsand n several orms wthn Coro. We ntendto contnuously mprove our engagementprocess. By makng t more structural we areable to ntegrate stakeholder responses nto therenement o our strategy and optmsaton omanagement.

n addton to the actvtes as mentonedn the Stakeholder engagement matrx asbelow, a strategc stakeholder dalogue wll beorgansed on group level n 2013. Engagementwth our stakeholders takes place n varousorms, on varous levels o our organsatonand throughout the value chan. However, astrategc stakeholder dalogue has not yet beenset up structurally. To ths end, a process wll bentated n 2013 that brngs our most mportantstakeholders together, creatng new solutonsand drectons. Responses rom ths daloguewll be communcated transparently n thecourse o the year.

CORO S COMMTTEDTO DENTFYNG ANDCOLLABORATVELYENGAGNG WTH KEY

STAKEHOLDERS TOUNDERSTAND, MEET ANDRESPOND TO THER NEEDS.AT THE SAME TME WE ARECONSTANTLY REFNNGOUR VALUE PROPOSTONTO REMAN ATTRACTVEAND VALUABLE TO THEM.

* SR stands or Socally Responsble nvestments.

CONSUMERS ANDVISITORS

COMMUNITIES,INCLUDING LOCAL

AUTHORITIES,INHABITANTS ANDENTREPRENEURS

EMPLOYEES TENANTS SHAREHOLDERS,INVESTORS ANDLENDERS

SUPPLIERS

> Consumersatsacton surveyson the centres

> normaton onsustanabltymeasures at thecentres

> mplementaton ocomplantprocedures at thecentres

> Onlne and ofneconsumer panels

> Ongong communtyconsultatons,rom start odevelopment

> Local engagementdurng projectphase

> normaton oncentre and projectwebstes

> Local partnershpswth authortes

> New partnershpsas a result o theSpreadng our Rootsprogramme

> Great Place to Worksurveys

> Tranng on BREEAMor asset managersand propertydevelopers

> Collaboratonwthn nternatonalprogrammes

> Knowledge sharngthrough ourcorporate ntranetand corporatenewsletter

> nternatonal CSRmeetngs

> Tenant satsactonsurveys

> The ntegraton osustanabltyagreements ntoexstng and newlease contracts:Green Leases

> Sustanabltycommttees at thecentres

> Top 10 tenantmeetngs n allnatonal markets,wth CSR on theagenda

> Complantprocedures n placen centres

> B-annual meetngwth largeshareholders

> Partcpaton nbenchmarks,ndces and SR*questonnares(DJS, Asp, Ethbel,FTSE4Good)

> Engagementmeetngs on CSR

> Teleconerenceswth SR nvestors

> Collaboraton wthnspecc allancessuch as SA, s--r-e,GRESB

> mplementaton othe Code o Conductor supplers andbusness partners

> Complantprocedures orsupplers

> (ndvdual)meetngs wthsupplers on CSR

> Partnershps wthsupplers onspecc CSR topcs(Reachng or Zeroprogramme)

> ntegraton o CSRrequrementsnto procurementprocesses


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14

SOCIAL IMPACTSocal mpact s the value our company createsor socety, whch can be determned byollowng the path rom output to mpact: theporton o the total outcome that happened as aresult o Coros actvty, above and beyond whatwould have happened regardless o our actons.

RESEARCHEmprcal research shows a clear relatonbetween the vtalty o our centres and thesoco-economc development o the catchmentareas we operate n and serve. We do notoperate n solaton. Beng able to measure andthereore manage ths relaton wll make ourcentres stronger and more reslent, ultmatelyresultng n hgher economc perormance.

SROIThe SRO project ams to do exactly ths. tdesgns a measurement methodology andtranslates t nto management practcesthat enhance our economc perormance byaddressng the related needs o the catchmentarea. We embrace the concept o Shared Value:to ull our msson whle advancng economcand socal condtons n our communtes.Busnesses must become agents o change.We have the resources, the talents and thesel-nterest. SRO s a new way o lookng atthe bottom lne. ts tme to apply t on a wderscale.

WHAT WE DIDn our am to maxmse local mpact bycontrbutng to 3E programmes, we havedeveloped a methodology to determne thempact we have on socety. We are ableto successully lnk ths Socal Return onnvestment the success o our centres.

n order to determne how our centres areembedded n ther surroundngs, we dened:

PILOTThe objectve o the project Puente Xrvellawas to support and help unemployed people.

The am o the event was to connect themand entrepreneurs n Gran Turas catchmentarea wth employers, educatonal nsttutons,busness schools, enterprses and any otherparty that could gve the target group advceon seekng employment and startng newenterprses.

The event addressed three areas:> Educatonal workshops related to employment> Stands (employment)> Entrepreneurshp conerences and Contest

The event was well prepared by the our

partners: Xrvella Town Hall, Coro, theCommunty o owners o Gran Tura (Coro andCarreour) and Gran Tura Tenants Assocaton.36 stands were placed n the centrerepresentng enterprses, schools, the shoppngcentre and stands that provded normatonand servces related to employment andentrepreneurshp.

The event was a resoundng success as morethan 1,500 people attended.

HOW TO MEASURE THE IMPACT OF THIS EVENT

Identy socal ssues to target> Employment

Make the busness case> Contrbute to decrease o unemployment n

the catchment area, better embed our centren local communty, thereby resultng nto amore successul centre

Track progress> Results measurement on three derent tme

slots

Use nsghts to unlock new value

> Lnkng SRO to success o the centre

IMPACTWe measured an mpact on unemployment omnus 9.3%: the employment o the peopleattended rose 7.4% where t decreased nthe catchment area o the centre where theattendees resde. Vacancy slghtly decreasedn the centre, but the busness case so ar sound n sgncantly better partnershps wthlocal stakeholders such as the muncpalty, thechamber o commerce and schools.Vstors to the ar reported to be satsed,especally snce the ar was not a one-o,but many smaller events such as workshops,speeches etc were organsed or the attendeesand others aterwards. The ocus s on skllsdevelopment, o whch we measured an mpacto plus 6.7%, as attendees showed to be morecondent n ther sklls and more sel-aware.Vstors and nhabtants o the catchment areaeel recognsed by the centre management,whch contrbutes sgncantly to the reputatono the centre and how t s embedded n thelocal communty.

OUTLOOKn 2013, the SRO methodology wll graduallybe ntegrated nto local management practces,

dashboards and reportng lnes. Adjacent toths process, executon o the SRO approachs acltated by the urther roll out o theplots consdered successul n ths respect.For example; employment days n Valenca,Mums wth Guts n Spikensse and the urbanarm n Naples. These plots wll be translatednto workable ormats and gradually rolled outthrough the FMP portolo, startng n 2013.

UPDATE SOCIAL RETURN ONINVESTMENT (SROI)

OPPORTUNITY RESULT

IMPACTMEASUREMENT

URGENCY

Impact level Impact area PerformanceindicatorPersonal Well-beng Educaton

Regonal Urban

development

Employment

Envronment Carbon

ootprnt

CO2


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15KEY TOPICSKey Topic Market facts Corio response

Research Shows Rationale for this key topic Long-term Goal Mid-term Goal

PUTTINGCONSUMERSFIRST

Havas Worldwde Prosumer Report,

vol. 8, 2010: The New Consumers

are more rsk aware, payng

attenton to the economc AND

socal mpact o the products theybuy, thereore they eel the need to

be more vglant, but they are also

more cognzant o ther capacty to

nluence the world or good or ll.

Consumers and vstors are

what we are all about. We

strve to create Favourte

Meetng Places where they can

eel comortable and happyand want to come back to,

agan and agan. Ths ambton

s both an aspraton and a

responsblty.

To enable, engage wth and

nspre consumers to enrch

ther lves, make responsble

purchases and reduce the

mpact on the envronment.

To montor and translate the

results o consumer behavour

nto the daly management o

our shoppng centres.

ROOTED INSOCIETY

Edelman Goodpurpose Study

2012: Rather than merely

exercsng ther lcense to operate,

leadng brands and corporatons

o the uture must move beyond

operatonal mperatves and socal

add-ons to establsh ther lcense

to lead. Moreover, as the dsparty

between the haves and have

nots contnues, more and more

consumers are dscoverng the me

(personal need) n we (the common

good): Purpose Gets Personal.

Our centres play an mportant

socal and economc role n the

communty, not only as a place

to meet but also as a source

o Employment, Educaton

and Entrepreneurshp: the 3E

scope. A targeted communty

nvestment approach s bound

to create value both or socety

and or Coro.

To enhance communty

development by provdng

lastng socal and economc

opportuntes.

To measure the Socal Return

on nvestment and ntegrate

t nto local management

practce.

LEADERSHIP &OUR CULTURE

The Busness Case or beng a

Responsble Busness 2011:

75% o employees who consder

ther organsaton to be payng

enough attenton to envronmental

protecton and sustanable

development exhbt hgh levels o

commtment.

Our people are our uture

and uture leaders need to

be developed and nspred

contnuously. We ncorporate

Coros core values: team

play, empathc, nsprng,

relable and darng. n

nsghtul leadershp wthn theorganzaton, thereby amng at

sustanable value creaton.

To oster a culture o

leadershp that emphasses

the connecton between trust

and transparency and where

reedom and accountablty are

nseparable.

To uphold our company values

and mantan a leadershp style

that preserves these anchors o

our culture.

SUSTAINA-BILITY IN OUROPERATIONS

Accenture Busness at ts

Best: Drvng Sustanable Value

Creaton (2011): A sustanable

value creaton strategy s, n

many ways, an extenson o

the same capabltes at whch

busnesses already excel, such as

understandng consumer needs and

nvestng n nnovaton. Now they

need to extend those competences

n ways that address socetal and

envronmental concerns through

core commercal strateges that drve

growth.

To us sustanablty means

ndng the balance n

the ntegraton o socal,

envronmental and economc

qualty. Partnerng wth

our tenants and supplers,

developng Green Leases and

Green Clauses, s condtonal

on realzng the sustanablty

potental o our portolo.

To realse the sustanablty

potental o our portolo

through partnershps wth

tenants and supplers. We

ocus on resource ecency,

reducton o CO2

emssons and

promotng wellbeng wthn our

centres.

To manage our shoppng

centres n such a way that

our envronmental mpact

s mnmsed and the

collaboraton wth our partners

s maxmsed.

CREATINGSUSTAINABLECENTRES

nnergy2050.org: Energy s a lot

more than voltage comng out o a

socket. Energy has been cross lnked

wth other systems under pressure:

moblty, ood, water, raw materals,

and communty autonomy. Fossl

uels and energy gants are old

ashoned.

Coro ensures ts economc

sustanablty by nvestng

n the ecologcal and socal

development o ts centres. We

want to create lexble, uture-

proo and vable centres.

To create lexble, uture-proo

and vable centres.

To ntegrate sustanablty

ully n the desgn and (re)

development o our centres.


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16

PERFORMANCE MANAGEMENTValue drvers or ths key topc: mprovng well beng (products & Servces that mprove the well-beng; promotng a healthy lestyle and sustanable consumpton) and Buldng strong relatonshpswth consumers are measured by:

PUTTING CONSUMERS FIRST

AN NCREASNG AMOUNT OFCONSUMERS S SHOWNGPURCHASNG BEHAVOURTHAT CAN BE SUMMARZEDAS CONSCOUS CONSUMNG,MAKNG RESPONSBLEPURCHASES BASED ONENVRONMENTAL AND SOCAL

MPACT.

A more sustanable brand s ncreasngly amore desrable brand. Our centres are brandso ther own. By walkng the talk when tcomes to sustanablty and communcatngour eforts and results n our centres, weadapt to ths development and createnew opportuntes. By drvng consumersatsacton, through engagement anddalogue, we create strong relatonshps andloyalty.

Main target Sub target Period % of businessunits on target

ncrease consumersatsacton Perorm consumer satsacton studesncludng CSR related questons every year

among consumers n 50% o centres

Ongong 100% on target

Set up and mplement a complant

procedure or consumers n order to cater

or ther needs more eectvely n 50% o

assets under management

2012 100% on target

Create awareness

amongst consumers

on socal and envron-

mental ssues

Develop a communcaton strategy to

hghlght asset specc sustanablty

ntatves n at least 50% o centres under

management


norm consumers on healthy lestyle n at

least 50% o centres under management

2012 67% on target

Develop and mple-

ment an Organsato-

nal Health and Saety

polcy on 100% o

centres, montor per-

ormance structurally

Keep track o number o accdents per

centre


2012 PERFORMANCE OF FAVOURITE MEETING PLACES PORTFOLIO:

72% OF THE CENTRES SURVEY OUR CONSUMERS YEARLY


2012 2011

Full portfolioperformance

Performance2012

Performance2011

Performance2010

Key Perormance

ndcators

% o shoppng centres that

survey consumers yearly

66 63 50

% o the centres have a

communcaton strategy

n place regardng our

sustanablty results on

centre level

67 67 n/a

Target, contnuous or wth 2012 deadlne, s 100%

acheved or wth a SMART plan to make ths target

Target wth contnuous tmelne, partally acheved, n

progress, some ssues or rsks nvolved to make ths target

Target wth a 2012 tmelne not acheved and no SMART

plan to make ths target

TARGET PERFORMANCE ON THIS KEY TOPIC

CORIOCSR@corocsr 22 h

Purposeul, not panicked #Shoppingbehavior #New Consumer #PWC

CORIOCSR@corocsr 10m

Brands must move rom havingnothing to hide, to pro-activelyshowing unambiguous and clearevidence, or statements about actualresults #Trendwatching.com


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17

GRAN TURAS THREE-PLLARAPPROACH ADDRESSES

UNEMPLOYMENT N XRVELLATheres no doubt that shoppng centres brngnew jobs, but can a mall become a drvng orcebehnd the revtalsaton o an areas economy?

Through ts Ocupasn programme, the GranTura centre n Valencas Xrvella regon sbettng that t can help to drve lastng changeor the regons unemployed.Wth unemployment over 24%, Valencas

joblessness rate s only margnally lower thanthe Spansh natonal average. A major hurdleor the unemployed n Xrvella s not smply

a matter o the bleak job market, but theentrenched sense o despar that comes romlong perods o unemployment. Spearheadedby Coro Espaa, Ocupasn seeks to transormthe job search rom an unguded, unceasngprocess, to one wth concrete goals and a clearend pont. t addresses not only the bottomlne o ndng employment, but the reason whyanyone s drven to nnovate and take rsks:passon.

n response to the resoundng success othe Gran Tura Employment, Educaton andEntrepreneurshp Far n 2011, the Ocupasnprogramme has expanded nto three pllars thatencompass scholarshps or on-job tranng, sxmonths o coachng or entrepreneurs, and asecond sesson o the Gran Tura job ar.

Ocupasns rst pllar s a seres oscholarshps amed at helpng local studentsto better understand the realtes o theworkng world, and to adjust ther studesaccordngly. Admnstered n collaboratonwth Ageval, Thyssen Segur berca and Clece,the scholarshps wll gve students real-leexperence n the workplace and n overcomng

proessonal challenges.

The second pllar, the December 2012 GranTura job ar, eclpsed expectatons or turnoutand meda mpact. Eghteen speakers, romcompany drectors to Olympc medallsts,addressed themes n 10 workshops andconerences ncludng personal brandng,motvaton, and startng a new busness. Theday receved wdespread coverage onlne andn local press, and boasted the attendance olocal lumnares such as the mayor-presdent othe Xrvella cty councl and the presdent o theValencan communty parlament.

Wth ts rst sesson held at the 2012 job ar,Ocupasns nal pllar s a sx-month seres ocoachng sessons or the unemployed wthdeas. Organsers were happly surprsed when

115 partcpants regstered or the classes,well above the expected turnout o 50. Oeredcompletely or ree, teachers rom the promnentEscuela Europea de Coachng wll act asgudes or takng entrepreneural endeavoursrom ncepton to completon. Tranng wllhelp partcpants to create a specc actonplan, provde a mentor to encourage therdevelopment, and develop a support network olkemnded entrepreneurs.

Coros support o Xrvellas unemployeddemonstrates ts commtment to strengthenngtes wth the local communty. Lus Bento,portolo manager or Coro Espaa, wrote

o the event: We rmly beleve that, asa prvate company. t s crucal or us topostvely nuence and help the people n oursurroundngs. For more normaton, please vst

www.jornadasdeocupacon.com/nco/(n Spansh)

CORO BRNGS PASSON TO THEUNEMPLOYED WTH OCUPASN

Team OcupasnCoro Espaa
http://www.jornadasdeocupacion.com/inicio/http://www.jornadasdeocupacion.com/inicio/http://www.jornadasdeocupacion.com/inicio/


19/44


18

From 2014 From 2015

Leadershp ndcator - Amount o outlets, also as % o total outlets o the centre,

occuped by busness partners wth sustanable products/servces n ther oerng, that have a drect postve mpact

on the well-beng o our consumers (Leadershp KP)

Key Perormance

ndcators

Consumer satsacton (x% o consumers that rate us as good/excellent)

% o major tenants/busness partners engaged wth on

well-beng promotng products & servces programs/

actvtes

Perormance

ndcators

% o major shoppng centres wth well-beng promotng

products & servces program n place

Group Consumer satsacton survey developed: yes/no

% o revewed nvestment opportuntes/asset plans/

lease processes whch consdered well-beng promotng

products & servces crtera% o shoppng centres that survey consumers yearly

% o shoppng centres wth consumer engagement program n place

FORWARD LOOKNG PERFORMANCE MANAGEMENT

Consumers are also a part o the sustanablty o our centres and they are engaged on ths topc.n Mondevlle 2 or example normaton on ranwater use, energy, waste and nose s provded to thepublc on touch screens.

CORIOCSR@corocsr 18 h

2013 will see passionate consumersembrace two innovative newconsumption models: becoming#PROSUMERS and #CUSTOWNERS#Trendwatching.com

CORIOCSR@corocsr 6 m

Conscious consuming and healthyliestyle is all around #Prosumer


20/44


19

Our uture success depends on ncreasng our postve socal mpacts. t denes our lcence tooperate and our lcence to grow. Besdes the delvery o a socal mpact measurement methodology,2012 produced the results shown n the table below:

PERFORMANCE MANAGEMENTValue drvers or ths key topc: Maxmsng local mpact by contrbutng to 3E programs andPartnerng wth local stakeholder groups to contrbute to socal coheson s measured by:

ROOTED IN SOCIETY

THERE S A STRONGCONNECTON BETWEEN THESOCAL AND ECONOMCDEVELOPMENT OF THECOMMUNTES WE ARE ROOTEDN AND THE VTALTY OFOUR CENTRES. A TARGETEDCOMMUNTY NVESTMENTAPPROACH S BOUND TOCREATE VALUE BOTH FORSOCETY AND FOR CORO;THE MORE EMBEDDED OURCENTRES ARE N SOCETY,THE BETTER. CORO WANTSTO BE ROOTED N SOCETY NEVERY COMMUNTY WHERE

OUR CENTRES ARE BASED.WE DO THS BY NVESTNGN EMPLOYMENT, EDUCATONAND ENTREPRENEURSHPPROGRAMMES: THE 3ESCOPE. WE REPORT ON THENVESTMENTS MADE N THSAREA N TERMS OF EUROS,

MAN HOURS AND M2 GLANVESTED.

Key Perormance ndcators on whch lmted assurance s provded


80% OF THE PROJECTS N 3E SCOPE WERE NTATED FROM FMPS


Performance2012

Performance2011

Performance2010

Key

Perormance

ndcators

The number o projects ntated n

operatonal centres wthn the 3E

scope

121 90 Nd

NR nvested n projects n 3E scope 0.29% 0.24% Nd

Vacant GLA used or projects n 3E

scope 0.85% 1.58% Nd

Man hours nvested n projects n 3E

scope 0.40% 0.35% Nd


Develop and mple-

ment a communty

strategy around the

three elements Entre-

preneurshp, Educat-

on and Employment n

25% o centres under

management

Develop and mplement a communcaton

strategy around the 3Es n one plot per

BU n Q1 / Q2 2012

2012 100% on target

ncorporate the needs

o specc stakeholder

groups, such as chld-

ren and elderly n the

(re)development and

management o 50%

o the centres

ncorporate the needs o specc stakehol-

der groups n one plot per BU

2012 100% on target

Montor employment and job opportuntes n 50% o centres larger

than 5,000 m2Ongong 50% on target

Set up a shoppng centre sustanablty commttee or 50% o cen-

tres under management larger than 10.000 m2Ongong 50% on target


2012 2011








21/44


20

* We relate the nvested n 3E projects to NetRental ncome (NR), but recognse the act that nsome cases (ncreasngly so) t s pad rom mar-ketng budget. Ths slghtly aects the rato, but tothe best o our knowledge NR s stll the most ttngdenomnator.

n 2012 the number o actvtes and projects n 3E scope rose 34%. As the data shows, CoroEspaa (CES) nvests more man hours than other BUs n 3E projects. Ths reects the act that twoSRO plots have been conducted here. Also, the 3E strategy s ully ntegrated n ther actvtes.Coro France (CFR) rased the level o 3E actvtes substantally n 2012.n general, nvestments n the 3E scope are part o the exstng resource allocaton and do not rece-ve addtonal resources.

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0

1.5

1.2

0.9

0.6

0.3

0

NRI* INVESTED IN 3E PROJECTS%

VACANT GLA USED FOR 3E PROJECTS%

MAN HOURS INVESTED IN 3E PROJECTS%

2012

2011

2012

2011

2012

2011

From 2014 From 2015

Leadershp ndcator Number o projects ntated

together wth local stakeholders

n centres wthn 3E scope

SRO per project

Key Perormance

ndcators

Vacant GLA used or projects n 3E scope

% o centres partcpatng n 3E projects

% o employees partcpatng n 3E

projects

Perormance

ndcators

Amount o people reached wth educaton programs oered at our centres

wth our busness partners

Amount o drect and ndrect jobs

created

Short (< 6 months) and long term (> 6 months) vacancy soluton as aresult o entrepreneurshp program

Square metres o vacant GLA made avalable or projects n 3E scope

durng the reportng perod

Man hours nvested n or projects n 3E scope durng the reportng perod

nvested n projects n 3E scope durng the reportng perod

3E crtera ntegrated nto portolo

management, acquston, leasng

and centre management


Ne

therlands

France

Italy

Spain

Germany

Turkey

Ne

therlands

France

Italy

Spain

Germany

Turkey

Ne

therlands

France

Italy

Spain

Germany

Turkey

CORIOCSR @corocsr 18 h

Filling up vacant space withcommunity services or NGOs #re-inhabitation #retroftting suburbia#Ellen Dunham-Jones


22/44


21

Durng the many years that Jolanda Boersworked as an undertaker n a morgue, keepngcorpses sae untl ther bural or crematon, shedreamed o one day startng her own uneralservces shop. Jolandas dream s about tocome alve: as the lucky wnner by publcconsensus - o a competton held by the CoroCentre Kopspiker n Spikensse, she wll openher shop o emotonal purchase moments n aprme spot n the centre n January 2013.

The competton, Mums wth Guts, was launchedon Mothers Day n May n ths popular southernDutch commercal centre near Rotterdam,Europes largest port. Staged over severalrounds and spannng several weekends, thentatve drew 40 serous applcants, 4,400voters va nternet and receved substantal localand natonal meda attenton. Ths n turn gave abg boost to Kopspikers vstor numbers, settng

t on an upward trend that t has sustaned toths day.

The campagns success bols down to anumber o good ngredents: compettonsare popular; t was staged over several heats,provdng multple publcty moments; t nvolvedenthusastc local women who stood on a stagewth a mcrophone and voced grand deas. Theprze was very attractve: sx months o ree rent,start-up retal busness advce rom the localRabobank branch. n addton, the wnner stoodto get a urther sx months o subsdsed rentand the possblty to end the rental agreementn the event the concept opped. Commercalcentres normally preer to do busness wthbg retalers. For a start-up wth an unprovenconcept to get such a chance s exceptonal.

Jolandas wnnng retal concept - MaranathaEmotque beat the other nne nalsts. Thenal verson embraces the orgnal dea osellng gts and necesstes or deceased rendsand relatves but extends to all knds o gtsand souvenrs assocated wth ond memoresand eelngs. Photo rames, or example, wllbe hot tems. Cons? Less so. t would nothave been commercally vable to ocus just on

undertakng servces. Cons n the ront wndowwould not have been a bg draw. But do wantto take away the stgma o death, to showpeople ts not so scary, and weve decded todo all that at the back o the shop. The uneralsecton occupes one eghth o oor space ands parttoned o or prvacy. People dont wantto dscuss these matters over the counter, saysMs. Boers. The shop tsel you cant mss: rghtn the mddle o the man corrdor, n the manloop. Moreover, the ste s next door to a owershop, a retal next-o-kn allowng or potentaltwo-way cross-sellng.

For centre manager Marin de Hoog, Mumswth Guts bagged many brds wth one net: welled up the vacancy and got amazng medacoverage, says De Hoog.We are walkng down untrodden paths thsconcept s very orgnal. The act that Jolandasproposal was rated most popular by the generalpublc who voted or her on nternet bodes wellor the shops potental vstor ow. n act, the

whole campagn has had an overall postveeect on the centres ootall. Ths s dentelysomethng we wll be repeatng, says De Hoog.

The ntatve ts perectly wth Coros FavourteMeetng Place development strategy or tsretal centres, ts concept o a shop beng morethan just a pont o sale, and ts sustanabltyobjectve o helpng to develop localcommuntes.Coro wants to create dstnctve shoppngcentres, says de Hoog. Consumers want to seemore than just bg chans. So t s logcal or usto make an eort to attract small, successulndependent entrepreneurs.

Mums wth Guts had only one retal unt tobestow as prze, but the competton attracteda lot o brght commercal deas. The runner-up, or example, ptched an attractve chld-care concept whereby shoppers drop o therchldren wth a short-term nanny n order togve ull attenton to ther shoppng needs.Meanwhle, the Mums wth Guts model and nodoubt a number o local varants wll be rolled

out n other Coro shoppng centres at home andabroad.

MUMS WTH GUTS

Isabel van der Maas

Coro Nederland

Marjn de Hoog

Coro Nederland


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22

Coro Deutschland has come up wth somecreatve ways to transorm avalable unts ntoa resource. Caspar Blume, marketng manager

o Coro Deutschland, explans that thesepop-up spaces are a way to contnuously turnCoro assets nto avourte meetng places: Bygvng avalable space a meanng we are ableto strongly dstngush our centres rom ourcompettors, he says.

n Arneken Galere (Hldeshem) o the avalableunts s transormed nto an art gallery. Thegallery oers excellent exposure to artsorgansatons and sem-proessonal artsts,and lets vstors explore local art they mghtotherwse not have seen.

The HY! pop-up store n Centrum GalereDresden s completely redesgned every twomonths, wth prevous ncarnatons ncludng

a trendy del and an exhbton o productsthat promote urban moblty. The store smanaged by the HY! collectve, a group oartsts, desgners, muscans and other creatvetypes. HY! provdes employment or students,and gves a platorm or up-and-comng localbrands, desgners and chartable organsatonsto showcase ther work.

Though Forum Dusberg doesnt have to contendwth many vacances, theyve stll succeeded nturnng an empty storeront nto an ambassadoror lteracy. n the Forums publc bookcase,everyone can come to read a book, take a bookhome, or drop o a book they dont need.

Equpped wth comortable chars, resh owersand an ntal lbrary o 800 donated books, thebookcase has receved glowng revews rom

press and vstors alke.

CORO DEUTSCHLAND FLLS SPACESWTH ARTS AND NNOVATON

Caspar Blume

Coro Deutschland


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23

Beng a responsble company mpacts employee engagement, whch n turn mpacts the bottomlne. It s a real busness case.Employees are oten consdered an organzatons most mportant stakeholder group as they arethe key resource. They create momentum, drvng organzatons orward and represent the companyn ts actons. What motvates talented people to jon and stay wth an organzaton s ncreasnglythe total package: unque growth opportuntes, the level o synergy between the employee and theorganzatonal values, the exstence o arness and trust wthn the organzaton but also n relatonto other stakeholders and socety at large. Socally responsble organsatons show hgh retentonrates because o hgh employee morale comng rom unque and equal opportuntes, arnessand transparency. They show good levels o productvty because o a lack o dstracton romunnecessary poltcs, havng learnng opportuntes and respectng ther leaders.

PERFORMANCE MANAGEMENTn 2011, Coro started wth the mplementaton o an HR perormance management scheme,ensurng regular revew and apprasal o employees wthn the group. Ths mplementaton has beenbrought urther n 2012, algnng the approach to employee target settng. 2013 wll see the ullmplementaton o the HR perormance management scheme.Coro Nederland among other busness unts, ntegrated a CSR target n the busness score cards oeach and every employee, lnkng perormance on CSR to ndvdual remuneraton.

Germany, France and Turkey show hgh numbers o turnover, manly caused by changes n theorgansaton whch requres a derent set o sklls and atttude.

EMPLOYEE DEVELOPMENT (% OF EMPLOYEES WHO RECEIVED TRAINING)

Group Netherlands France Italy Spain Germany Turkey TOTAL

2011 43% 56% 73% 39% 53% 10% 100% 53%

2012 40% 20% 100% 93% 51% 19% 69% 56%

Slghtly more Coro employees were traned n 2012 when compared to 2011.

LEADERSHIP AND OUR CULTURE

CREATNG FAVOURTE MEETNGPLACES S NOT ABOUT LEASNGSQUARE METRES BUT RATHERABOUT CREATNG A PLACETHAT FEELS LKE A HOMEAWAY FROM HOME. N AMNGFOR THS GOAL WE EMPLOYOUR COMPANY VALUES OFNSPRNG, EMPATHC, DARNG,RELABLE AND TEAMWORKAND MANTAN A LEADERSHPSTYLE THAT PRESERVES THESEANCHORS OF OUR CULTURE.

50

40

30

20

10

0

TURNOVER%

2009 2010 2011 2012

80

70

60

50

40

30

20

10

0

WOMEN IN MANAGEMENT POSITIONS % 2012WOMEN AS PERCENTAGE OF TOTAL WORKFORCE

WOMEN N MANAGEMENT POSTONS

Group

Netherlands

France

Italy

Spain

Germany

Turkey

Total

Group

Netherlands

France

Italy

Spain

Germany

Turkey

Total

CORIOCSR @corocsr 23 d

Employees who say they have theopportunity to make a direct socialand environmental impact through

their job report higher satisactionlevels than those who dont #Netmpact Talent Report 2012

CORIOCSR @corocsr 10 m

Employees o a #Great Place to Work#trust the people they work or, have#pride in what they do, and #enjoy thepeople they work with.


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n Aprl 2012, Coro was votedone o the best employers n theNetherlands, rankng seventhn the lst o best employersn the category medum-szedenterprses (50-250 employees).

The Great Place to Work surveys a wdely respected benchmarksurvey or employee satsactonworldwde. The survey consstso an anonymous questonnarecomprsng 58 statements thataddress level o trust, prde andenjoyment n the workplace.

Beng recognsed as a Great Placeto Work by our people s essentalor achevng our goal: creatngavourte meetng places, sadGere Tmmermans, Group HumanResources Drector.

Ths s Coro Nederlands secondyear o partcpaton n the survey,whch provdes valuable detalednsghts nto what employeesconsder mportant and howemployers can respond.

Coro tala also conducts ts own,separate, Great Place to Worksurvey and n taly whch hasa vast number o medum-szedcompanes, was placed n the top25.

CORO NEDERLAND VOTEDGREAT PLACE TO WORK

Gere Tmmermans

Coro N.V.


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25

PERFORMANCE IN 2012Value drvers or ths key topc: Maxmzng the value o our centres by mnmzng therenvronmental ootprnt and Buldng strong relatonshps wth tenants and supplers, measured by:

SUSTAINABILITY IN OUROPERATIONS

FOR CORO, SUSTANABLTY SABOUT FNDNG AN OPTMAL MXN THE NTEGRATON OF SOCAL,ENVRONMENTAL, AESTHETC ANDECONOMC CONSDERATONSN OUR CENTRES. WE MEASURE

SUSTANABLTY N OUROPERATONS THROUGH THENTENSTY OF ELECTRCTYCONSUMPTON AND CO

2

PRODUCTON AND THE MAN WAYFOR US TO MAKE PROGRESS ONTHESE MEASURES S THROUGHSTAKEHOLDER ENGAGEMENT.

Key Perormance ndcators on whch lmted assurance s provded


99.37 KWH ELECTRCTY NTENSTY0.033 TONNES CO

2CARBON EMSSON NTENSTY

2012 PRODUCED THE FOLLOWING RESULTS> 57% o new leases s a green lease, whch s any knd o ocal agreement n whch Coro and

the tenant have made arrangements on what they expect o each other n terms o CSR and howto collaborate on ths topc.

> 15% less electrcty was consumed n 2009-2012, whch contrbuted to a 39% decrease ncarbon ootprnt (tonnes CO

2

/m2).

Full portolo

perormance

Perormance

2012

Perormance

2011

Perormance

2010

Key Perormance

ndcators

Electrcty ntensty (kWh/m2) 97.5 101.6 103.8

Carbon emssons ntensty

(tonnes CO2/m2)

0.028 0.031 0.039

% o Green Leases sgned as

part o all new contracts

57 20 N/A

% o busness unts that have a

standard green lease n place

83 83 N/A

% o green clauses sgned to

regular contracts wth supplers

n operaton

81 39 N/A

200

150

100

50

0

ELECTRICITY INTENSITYLKE-FOR-LKE KWH/M2

2009

2010

2011

2012

80

70

60

50

40

30

20

10

CARBON EMISSION INTENSITYLKE-FOR-LKE TONNES CO

2/M2

2012

2011

n Madrd, thanks to the dedcaton o Coro employees at the Prncpe Po shoppng centre, thsattractve ormer tran staton development n the western part o Madrd obtaned ts SO 14001certcate n 2012, ahead o schedule, thus settng an example or the rest o Span and Coro.

Netherlands

France

Italy

Spain

Germany

Turkey

Total

Netherlands

France

Italy

Spain

Germany

Turkey

Total


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26


ncrease stakeholder

engagement

Keep track o number o accdents per centre Ongong 50% on target

Survey tenants structurally on general satsacton n 100% o the centres 2012 67% on target

ntegrate CSR clauses nto the standard lease contract (Green Leases) 2012 83% on target

50% o all new contracts are Green Leases 2012 67% on target

Ensure that 100% o major supplers are complant wth the Code o Conduct

by ncludng clauses or mnmum requrements n relaton to saety, socal and

envronment standards.

2012 67% on target

ncorporate CSR requrements nto all procurement processes Ongong 50% on target mplement complant procedures or supplers 2012 33% on target

Develop and mplement a suppler management ramework n order to montor suppler

CSR perormance and complance

2012 33% on target

15% reducton n greenhouse

gas emssons on the entre

portolo and local oces

10% reducton o CO2

emssons per FTE on busness travel 2012 50% on target

Obtan energy perormance certcates or 100% o the portolo 2012 33% on target

Perorm a waste audt or 100% o shoppng centres larger than 5,000 m2 2012 67% on target

ncrease the sustanablty o

the operatonal centres

Tran 100% asset managers and all development managers n BREEAM schemes 2012 67% on target

mplement SO 14001 on 25% o centres under management 2012 50% on target


20112012

ENERGY AND CARBON FOOTPRINTOver the past our years, our energy and clmate strategy has ocused on ncreasng the energyecency o our operatons and reducng the carbon ootprnt resultng rom our actvtes. Durngths tme, we have reduced electrcty consumpton per m2 n centres under management controlrom 114,7 to 97,5 kWh/m2 and ncreased the purchase o sustanable energy rom 8,7 kWh/m2n 2009 to 27,7 kWh/m2 n 2012. Thanks to our eorts to ncrease energy ecency and procurerenewable energy on-ste or through the grd, we have also reduced the carbon ntensty o ouroperatons. Snce 2009, the carbon ootprnt per m2 at our centres decreased by 39%.

WATERBy ncreasng the water ecency o our operatons, we reduce our exposure to the rsks assocatedwth water scarcty and mnmse our water ootprnt. Snce 2010 we have ncreased the water useper m2 by 15%. We manage to contnuously decrease the use o grey water and recycle drnkngwater ncreasngly. n 2013 we am to get a better nsght n our water use and management thereo.

WASTESnce 2009 we have decreased the waste generaton per m2 wth 46%, whch can be manlyattrbuted to agreements wth preerred supplers and a hgher recyclng rate. t should be noted thatwe manage to nuence our waste n the common areas o our centres by oerng separate bnsor the consumers to dscard ther waste n paper, glass and other. We create awareness on wastecreaton by campagns. However, we cannot drectly nuence the behavour o our tenants andsupplers as we only process the waste they provde us, whch s constantly changng. We actvelysearch collaboraton on the ssue through green leases wth the am o realsng a combned approachtowards waste management.

CHAIN RESPONSIBILITYCoro makes progress on ncreasng sustanablty n ts operatons through stakeholder engagement;the sgnng o green leases, green clauses and green Codes o Conduct. 5 out o 6 busness Untshave a standard green lease n place. Coro Deutschland was not n the lead wth leasng and had no

control over the ncorporaton o green leases on total new lease contracts. An nternatonal leasngteam s drawng up a company standard and s expected to mplement ths n the course o 2013,expected to result n a 100% perormance on ths KP n 2013.


The risk o natural resource shortages,coupled with changing customer andemployee expectations, is likely toimpact core business objectives in thecoming years #Sustainability trends#2013








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27

Ths year, Coro Nederland unveled the GreenLease and the Duo Label, two ntatves gearedat gettng tenants n on the sustanablty game.n July 2012, Coro Nederland ntroduced onegreen lease standard or all 40 Coro centres nthe Netherlands. The green lease s a standardlease wth our addtonal clauses that requestthat tenants acknowledge the mportance osustanablty on a broad range o ssues.n addton, they must agree to dsplay anenergy label on ther wall and promse that they reurbsh ther store, any constructonactvtes wll not lead to a worse energy label.deally, any reurbshment should lead to abetter energy perormance. Wth a oot n thedoor thanks to the Green Lease clause, Coronow ntends to advse tenants on mprovementsthat wll boost ther sustanablty prole, suchas the ntroducton o a better and more energy-ecent ar condtonng system.n addton to the energy label, the new GreenLease and nserted Green clause get tenants to

agree to share ther energy data wth Coro oranalyss. Spurred by ts success n 2012, everynew Dutch lease n 2013 wll now be a GreenLease. Coro s amng to make these leases atarget or the nternatonal portolo, and expectsthat the entre portolo wll have greenedwthn sx to seven years.ts slow gong. We call t shades o green,says Gerrtse. Thats because the prospect osavng costs on energy has not been a strongncentve or many retal tenants. Energy coststypcally represent less than 7 % o the retalersoperatng costs, she adds.Waste reducton, separaton at source andresponsble waste dsposal are also a challengeas they are oten vewed by retal tenants as

burdensome tasks that compete or tme wththe more mportant busness actvtes. There sno legal oblgaton as yet n the Netherlandsor retal tenants to reduce energy consumpton,conserve energy or conduct more responsblewaste management. n the absence o legal ornancal motves, persuason can help: Wehave a oot n the door and the opportunty totalk more regularly wth tenants, says Gerrtse.As o 2011, Coro Nederland has madedetaled sustanablty dscussons wth ts 20largest tenants a regular event, at least onceper year. These 20 tenants together represent500 separate rental contracts. Talkng works:Although not all our tenants have yet sgned thenew green clauses, all o them seem to appearwllng to.

The next step wll be a bgger one: all Corocentres plan to re-ormulate the householdrules secton o the tenant agreement toexplctly nclude more sustanable waste

management and energy management rules.Falure to comply wll result n a ne. n uture,the household rules secton wll be used toenorce a broader range o more sustanablepractces, says Gerrtse.

CORO NEDERLAND PARTNERS WTHTENANTS FOR SUSTANABLTY

Brgt Gerrtse

Coro Nederland

DUO LABEL TO SPURSUSTANABLTY ACTON

Complementng the Green Lease, the DuoLabel assesses the resource ecencyo tenants stores and oers practcaladvce on achevng sustanablty goals.An Energy Map provdes tenants wth amcro-vew o the energy consumpton andwaste n ndvdual shops. Ths outlnes theecences and necences o areas thatconcern the landlord roo, oorng andwall nsulaton but more mportantly, tanalyses the areas that concern the tenant,ncludng the storeront, clmate control,ventlaton, lghtng and escalators.

The card hghlghts problem spots,compares the store to the centre average

and advses on how to reduce energyconsumpton. These cards serve as a

jumpng-o-pont or dscusson wth theshop owners about energy consumpton.n terms o the Energy Map, Coro has an Aaverage across ts Dutch portolo, well onthe way to achevng the hghest ratng oA++.

Voorbeeld

Onderzoeksresultaten Opnamedatum:2 april 2012

Eigendom Corio Eigendom huurder

Dakisolatie:

Vloerisolatie: Vloer grenst aan verwarmde ruimte

Gevelisolatie:

Winkelpui: Pui grenst aan winkelpassage

Winkelentree:

Ruimteverwarming:

Ruimtekoeling:

Ventilatiesysteem:

Basisverlichting:

Sfeerverlichting:

Warenkoeling: n.v.t.

Eindscores

Energielabel van uw winkelo.b.v. standaardgebruikersgedrag*

D1,33

Gemiddelde score van

de winkels in het

winkelcentrum

A0,83

*Om energielabels vanverschillendetypen winkels metelkaar tekunnen vergelijkenwordt eruitgegaan vaneen standaardgebruikersgedrag

Energiegebruik Uw huidig verbruik Gemiddeld verbruik Waarderingo.b.v. uwenergienota

Winkelcentrum

(o.b.v. 29% vanhet centrum)Uwenergiegebruik t.o.v.gemiddeldverbruik vandewinkels inhet winkelcentrum

Elektraverbruik[kWh/m2] 410,9 242,0

Warmteverbruik[GJ/m

2] 0,1 0,36

Het energiegebruik van uw winkel scoort gemiddeld. U gebruikt minder warmte voor verwarming danhet gemiddeld berekend verbruik van het winkelcentrum. Het elektraverbruik is daarentegen welaanzienlijker hoger dan gemiddeld berekend, doordat er veel verlichting is genstalleerd.


29/44


28

From 2014 From 2015

Leadershp ndcators 40% reducton o the CO2-ootprnt (n tonnes

CO2) n our exstng portolo

Key Perormance ndcators Electrcty ntensty (kWh/m2)

Carbon emssons ntensty (tonnes CO2/m2)

% o Green Leases sgned as part o all new contracts

% o busness unts that have a standard green lease n place

Perormance ndcators % o tenants engaged wth on envronmental/

socal ssues

% o contracts wth supplers n operaton that

nclude CSR clauses

% o contracts wth supplers n operaton that

nclude CSR clauses

% o supplers n operaton who have sgned the code o conduct

% o shoppng centres wth recyclng rates o at

least x%

Total CO2

emssons per vstor or m2

Total weght o waste by type and dsposalmethod


HOLLANDS LARGEST SHOECHAN BOOSTS SUSTANABLTYPROFLE, THANKS N PART TOCORO

Famly-owned Dechmann s Europes largestootwear retaler.As real estate manager o the Dutch unt, VanHaren Schoenen BV, Frank van Seblle has amandate rom group headquarters n Germanyto reduce consumpton o energy n ts 140stores n the Netherlands.

Sustanablty has become super mportantor Dechmann as a group over the last coupleo years and our ams n ths area have beenparallel to those o Coro. We have learned alot rom each other and thnk Coro has really

catalysed our whole eort, sad Van Seblle.When t comes to sustanablty n retal, youneed to have a longer term vson, accordngto Van Seblle. Our shops are smaller thanthe ones n Germany, and wth smaller shops,energy consumpton accounts or a smallracton o total costs, sad Van Seblle.But thelarger the shop, the more worthwhle t s, and atgroup level we expect to save mllons o euro ayear n our 3,200 shops worldwde thanks to anew sophstcated heatng and coolng systemwe have ntroduced.

The propretary system constantly measures thetemperature n the shop and perorms optmsedsel-regulaton throughout openng hours. t alsooptmses the way n whch the lghtng systemsare used to prolong hardware le.

Thanks to the system and to Coros help npublcsng ts benets, Van Haren has won tselthe reputaton o beng the most energy-ecentretal chan n the Netherlands, sad Van Haren.


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29CREATING SUSTAINABLE CENTRES

TO CORO, SUSTANABLTY SABOUT FNDNG THE OPTMALMX N THE NTEGRATON OFSOCAL, ENVRONMENTAL,AESTHETC AND ECONOMCQUALTY N OUR CENTRES. WE

MEASURE SUSTANABLTY NOUR OPERATONS BY MEANSOF ELECTRCTY NTENSTY, CO

2

NTENSTY AND STAKEHOLDERENGAGEMENT: THE SGNNGOF GREEN LEASES, GREENCLAUSES AND THE CODE OFCONDUCT.


O the ve projects delvered n 2012, (Metropole, Sngelborgh, Ctyplaza, Arneken and Tarsu) onehas receved a BREEAM Good or hgher ratng (Tarsu), whch translates to 20%. Worth to mentons that Tarsu receved the hghest BREEAM score ever n Turkey or a post-constructon assessment(63.57%), resultng n a BREAAM Very Good certcaton, makng t the most sustanable centren Turkey. Coro currently holds 5 BREEAM certcates, makng or 6% o the operatonal portolo.Next to ths, 100% o the centres n commtted ppelne are subject to a BREEAM assessment. Thso course excludes Coro oces, but t s not worthy to menton that Coro tala receved a BREEAMvery good ratng or the development o ther new oce n Mlan.


Performance2012

Performance2011

Performance2010

Key Perormance

ndcators

% o BREEAM Good or

hgher or new develop-

ments

20 11 N/A

% o supplers n develop-

ment who have sgned thecode o conduct

80 92 N/A


2012 2011

From 2014 From 2015

Leadershp ndcators 40% reducton o the CO2-ootprnt (n

tonnes CO2) n our exstng portolo

Key Perormance

ndcators

% o BREEAM Good/Very good

ratngs as part o all new buld

projects above x mln. Euro

% o BREEAM Very Good/Excellent

ratngs as part o all new buld

projects above x mln. Euro n reportng

year

Perormance

ndcators

% o contracts wth supplers that

nclude CSR clauses

% o contracts wth supplers that

nclude CSR clauses

% o supplers who have sgned

the code o conduct


CORIOCSR @corocsr 2 m

Retroftting downtown (malls): itsgiving people choices, not giving awaychoices #Ellen Dunham-Jones


Mnmse envronmen-tal mpact o our (re)

developments

New developments must comply wthBREEAM standard Good as a mnmum Ongong 83% on target

Perorm Envronmental mpact Assess-

ments or all major (re)developments









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Fteen metres below Hoog Catharine, one othe busest shoppng centres n the Nether-lands, a manmade aquer s quetly helpngto cool the shops and warm the apartmentsabove. The new aquer thermal energy stora-ge system (ATES) n Coros Utrecht head-quarters unctons as a battery that storesheat nstead o electrcty. Installed as part oHoog Catharines renovatons and 35,000 m2expanson, the ATES stores warm water romthe summer and cool water rom the wnter toprovde energy-savng, low-emsson tempera-ture control year round.

nstead o burnng coal or ol, ATES harnes-ses the temperature derences betweenthe seasons or an eco-rendly approach to

heatng and coolng. As wth coastal areas thatstay warmer n the wnter and cooler n thesummer thanks to the ocean, thermal storagesystems take advantage o waters natural heatretenton propertes. Durng the summer, coolwater gathered durng the wnter s crculatedthroughout the centre to provde coolng. Atert completes ts loop, the now warm water s n-

jected back nto the warm storage porton o theaquer. Ths cycle s reversed to provde heatngdurng the wnter.

Accordng to Annet Elzenaar, the project deve-loper or Coro Nederland, ths technology spartcularly suted to Hoog Catharines mxedusage. Retal unts usually rely on large amountso coolng, whle resdental unts requre moreheatng.Whle many o Coros tenants use heatng andcoolng rom thermal energy storage systems,Hoog Catharines s the rst one entrely ownedby Coro. Coro has partnered wth Unca Eco-systems to realse ths large-scale undertakng.For the next 15 years, Unca Ecopower wll beresponsble or the mantenance, managementand bllng or the ATES. n addton, Unca d-rector Jan-Maarten Elas says that hs company

wll proactvely encourage energy savngs n theshops. For example tenants wll receve advceon ndoor heatng and coolng systems andregular energy consumpton reports.

Ths nstallaton s part o Coros wder amb-ton to prepare or potental resource scarcty.We are tryng to make our real estate moreuture-proo, and to be more careul wth theenvronment, Elzenaar explaned. Althoughthe CO

2reducton wll be mmedate, the ATES

n Utrecht s a long-term nvestment whose

savngs wll only become apparent on a ve toten year scale. As ossl uels become scarcerand more expensve, any energy-savng ntatve

wll urnsh benets or tenants, or Coro, andor the envronment. Hoog Catherines ATES sevdence o Coros commtment to a sustana-ble headquarters or years to come.

WARMNG UP TO ENERGY SAVNGSN HOOG CATHARINE

Annet Elzenaar

Coro Vastgoedontwkkelng


The design o innovative businessmodels whereby products andprocesses without value are convertedinto productive assets relies on thespeedy introduction o a portolioo innovations #Gunter Pauli # BlueEconomy


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31

TARSU SHOPPNG CENTRERECEVES A BREEAM RATNG OF

VERY GOODA landscape o cool pools, ountans, and evena saltwater aquarum, Tarsu Shoppng Centres an oass o water n the cty o Tarsus. Notmerely an attractve eature, Tarsus creatve useo water s the cornerstone o a groundbreakngsystem that drastcally reduces water waste andelectrcty costs. BREEAM, the worlds oremostramework or judgng the envronmental mpacto buldngs, has recognsed Tarsu as the mosteco-rendly buldng n Turkey. Tarsus score onearly 64% n the retal category earned t thedstncton o very good.

Desgned as a place where water turns ntojoy, Tarsu boasts many rsts n Turkey. twas the rst buldng n the country to usenatural ventlaton, the rst to save energy usngrecycled materals, and the rst to employactve and passve energy savng technques.A system o nozzles sprays a ne mst o waterpartcles nto the ar, coolng terraces as large as1,000 square meters. Wdely used n SoutheastAsa, ths s the rst tme ths spray technologyhas been mplemented n Turkey. CO

2sensors

n the mall react to the numbers o shoppersand adjust the centres ventlaton systems sothat no artcal coolng s needed, even durngthe heat o the day. Automated lghtng n thecommon spaces reduces electrcty use by up to30% n the summer.

Tarsu s a water spper n a eld domnatedlocally by water-guzzlng buldngs. Specalltraton and crculaton systems n the centrespools ensure that water loss s lmted to 1%.

Thanks to ths, the pools only need to berereshed every 100 days compared to thestandard seven days. A grey water collecton andrecyclng system has reduced Tarsus annual

water needs rom 23,000 cubc metres to11,000 cubc metres, nearly halvng the centresuse. As per BREEAM requrements, even theurnals requre no water, cuttng out an estmated1,400 cubc metres o water each year.

n addton to ts clever solutons or savng waterand energy, Tarsu s well stuated to becomean envronmentally rendly avourte meetngplace con. Located wthn walkng dstance othe cty, Tarsu eatures 10,000 square meterso parks and publc spaces. ts modern yetwelcomng desgn earned t the dstncton oBest European Retal Archtecture n the 2012nternatonal Property Awards, proo that beautyand sustanablty can go hand-n-hand.

BODVERSTYWhle the roo o shoppng centre may notseem lke a place or bees and brds, theroo o Rotterdams Alexandrum centre sgrowng nto a lush landscape. A one-yearproject spearheaded by techncal managerGerben van Bers has replaced 20,000square metres o black btumen wth acarpetng o slver-green and russet sedumplants. Coverng an area larger than threeootball elds, Alexandrum now sportsEuropes largest renovated green roo, whchpromses a score o benets rom cuttngenergy costs to reducng ar polluton.

Green roos on Alexandrum shoppngcentre: Compared to tradtonal btumenroos, green roos last longer, reduce heatngand coolng costs, and cost less n the longrun. Wth the roong materal shelded romthe suns ultravolet rays, green roos last10 to 20 years longer than a normal roo.

The thck layer o elt, pebbles and plantsnsulates the buldng rom temperatureuctuatons, reducng heatng and coolng

losses. Whle a black btumen roo canskyrocket to 85C n normal summerweather, a green roo wll be 35C cooler.

The parts o the roo that cannot be plantedhave been panted whte to urther reectsunlght. Combned wth more ecentlghtng n the mall, van Bers antcpatesthat the roo wll cut Alexandrums energyconsumpton 20% by 2015.Sedum, the hardy drought-tolerant plantsthat make up the centres green roo, oerbenets beyond energy savngs. As asucculent, sedum does an excellent job ocapturng and retanng water.

W

Corio CSR Report 2012

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