Covivio APP

21-10-2021

Activity at end-September: positive dynamics across all activities

Offices: recovery in rental activity and success of development pipeline

  • Business revives in all our markets: take-up rises +32% year-on-year in France, +40% in Milan and +16% in the top 6 German cities
  • Portfolio leases gather pace: 134,000 m² let or pre-let since January 2021, more than half (70,680 m²) in Q3 alone
    Success of the development pipeline:
    o 2 deliveries in Lyon CBD (30,900 m²) and Milan Symbiosis (18,500 m²), respectively 64% and 92% let
    o New Moncler headquarters launched in Milan: 38,000 m² pre-let for 15 years
  • Accelerated conversion of offices into housing: 70,000 m² of new committed projects in Q3

Germany Residential: growth continues

  • Market driven by the lack of housing, around 670,000 units of which 205,000 in Berlin
  • Rental growth continues: +4.1% like-for-like growth in rental income
  • Upside potential in asset values confirmed by recent market deals

Hotels: recovery confirmed

  • Sharp rebound in RevPar over the summer: up +67% on average in Europe vs 2020
  • Visible recovery in hotel performance: Q3 variable revenues up 216% vs 2020

Good performance at end-September

  • Like-for-like revenues rise sharply compared to H1: stable at end-September vs a -2.7% at end-June
  • €514 million in preliminary sale agreements (up €110 million in Q3) at an average margin of +3.4% on latest appraisal values: on track to hit the target of over €600 million for 2021
  • Covivio’s CSR excellence recognised: with a GRESB score of 90/100 (up 5 points on last year), Covivio has reinforced its status as Global Sector Leader

2021 outlook

  • EPRA Earnings 2021 guidance of over €400 million

Press release:

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Contact:

Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00

geraldine.lemoine@covivio.fr

 

Laetitia Baudon

Tél : + 33 (0)1 44 50 58 79

laetitia.baudon@shan.fr

Investor Relations

Paul Arkwright

Tél : 33 (0)1 58 97 51 85

paul.arkwright@covivio.fr

 

Quentin Drumare

Tél : 33 (0)1 58 97 51 94

quentin.drumare@covivio.fr