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Activity at end-March 2021: encouraging perspectives

Letting activity: positive signals

  • Europe Offices: 64,000 m² of new leases signed or existing leases renewed
  • Germany Residential: Mietendeckel rent cap legislation deemed unconstitutional in Berlin; well oriented activity
  • Hotels: recovery expected in the second half after a first quarter impacted by restrictions 

Intensification of the prime strategy on offices

  • Adaptation of the development pipeline with a focus on city centres: 2021 deliveries already 82% pre-let and launch of a flagship mixed-use project in Berlin-Alexanderplatz
  • Acceleration of the conversion of offices into housing: five new projects in France for a total of 92,000 m² and €220 million
  • Continued rotation: €500 million in cash sales and preliminary agreements signed in Q1 2021
  • Covivio rolls out its “All in One” offering and delivers a 4,400 m² development in Paris Gobelins 100% let

Revenues at end-March 2021: stable on a like-for-like basis, excluding Hotels

  • Offices: -1.2% on a like-for-like basis
  • Residential: +3.4%, and +3.9% outside of Berlin
  • Hotels: -46% on a like-for-like basis, impacted by the ongoing restrictions and an unfavourable basis for comparison in 2020
  • 95% occupancy rate and 7-year firm average maturity of leases

Ahead of target to reduce carbon impact by 34% by 2030

  • An ambitious target covering the period between 2010 and 2030 across a wider scope (Scopes 1, 2 and 3), including construction
  • At end-2020, the carbon impact had been reduced by 20%, ahead of target

 Organisational changes and appointments within Covivio management

  • Tugdual Millet, Covivio’s current Chief Financial Officer, has been appointed CEO of Covivio Hotels, supported by Elsa Tobelem, Deputy CEO
  • This change in the organisation follows the departure of Dominique Ozanne, who has decided to pursue new professional goals
  • Paul Arkwright, currently Director of Financial Control, Corporate Finance and Investor Relations, will become Group Chief Financial Officer.



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Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00



Laetitia Baudon

Tél : + 33 (0)1 44 50 58 79

Investor Relations

Paul Arkwright

Tél : + 33 (0)1 58 97 51 85