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Significant reinforcement in hotels
  • Acquisition of the equivalent of €500 million in hotels in exchange for Covivio shares
  • Increase in hotel exposure to 20% of portfolio Group share (vs. 17% at end-2023)

Strategic partnership in Germany Residential

  • Creation of a joint venture with CDC Investissement Immobilier for a €274 million residential portfolio in Berlin
  • Transaction in line with end-2023 appraisal values
  • Contributing €93 million (Group share) to the disposal programme
Success of the premium offer in offices
  • Numerous lettings during the quarter: 48,800 m² let or renewed
  • New increase in occupancy rate to 95.3% (vs. 94.5% at end-2023 and 92.2% in March 2023)
  • Positive reversion of 13% on Core assets (94% of office portfolio), including 21% in city centres
Continued strong like-for-like growth in revenues: +7%
  • Revenues (Group share) of €154 million, up 7.1% like-for-like
  • Offices: record like-for-like growth of 10%, driven by lettings, indexation and reversion
  • Germany Residential: sustained like-for-like growth of 4.0%
  • Hotels: like-for-like growth of 4.6%, including variable revenues up 3% and fixed rents up 5%
  • Group occupancy rate up 40 bps over three months to 97.1%
Maintained strong financial discipline
  • €153 million in new disposal agreements (€219 million at 100%), 2% above end-2023 appraisal values
  • Scrip dividend proposal approved by the General Meeting of 17 April. The main shareholders (43% of capital) have already committed to take up this option, thereby strengthening the balance sheet from €142 million to €331 million
Successful and recognized ESG strategy
  • Carbon trajectory: 26% reduction at end-2023 (vs. 2010), in line with the reduction target of 40% by 2030
  • Further decarbonisation of the energy mix: 80% of directly managed assets (Scopes 1 and 2) now have green electricity contracts
  • Further improvement in ESG ratings: Sustainalytics rating upgraded in March 2024, placing Covivio in the sector top 10

ContaCt

Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00
Mail : geraldine.lemoine@covivio.fr

Louise-Marie Guinet

Tél : + 33 (0)1 43 26 73 56
Mail : covivio@wellcom.fr

Investor Relations

Vladimir Minot

Tél : + 33 (0)1 58 97 51 94
Mail : vladimir.minot@covivio.fr

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Covivio SA published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 15:56:08 UTC.