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:
  • 2 deliveries in Lyon CBD (30,900 m²) and Milan Symbiosis (18,500 m²), respectively 64% and 92% let
  • 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