Covivio announces the disposal of two office buildings to Primonial REIM for €94 million: “288”, a 12,851 m² building in Lyon Part-Dieu, and “Hélios”, a 9,204 m² asset in Villeneuve-d’Ascq. The deal is the latest step in the Group’s strategy of rotating assets to continuously improve its portfolio quality.
Hélios is located in Villeneuve d’Ascq, 10 minutes from the Lille-Europe and Lille-Flandres railway stations and Lille city centre. Covivio coordinated the 9,204 m² development as investor-developer, delivering the finished building in 2019. With its garden piazza, service areas and social mixing points to foster idea-sharing and creativity, Hélios was fully pre-let 2 years ahead of delivery. The building is certified HQE Excellent and meets RT 2012 thermal standards.
288 is located in Lyon’s 3rd arrondissement, less than 20 minutes from Lyon Part-Dieu railway station. Covivio acquired the 12,851 m² building in 2001, already fully let and mostly occupied by Enedis staff, and subsequently gave it a complete facelift. 288 is certified BREEAM Good and has HQE Renovation and HPE environmental and energy performance labels.
Over €600 million of disposals slated for 2021
With these two disposals made at above appraisal value, Covivio continues its strategy of arbitraging mature core assets: Covivio has sold €1 billion in office assets over the last 18 months. The Group is confident of meeting its 2021 Europe-wide target of more than €600 million in new disposals.
Meanwhile, Covivio continues to strengthen its committed development pipeline, which will reach €1.7 billion by 2021 in Paris, Berlin and Milan CBDs.
“Our disposals policy is designed to rotate the portfolio towards greater quality. These deals will allow us to focus investment on districts that meet Covivio’s strategic imperatives for size, location and value creation, thereby developing buildings that combine central locations with flexibility and services to meet the new needs of users.” Marielle Seegmuller, Operations Director, Covivio.
