Covivio APP


Strong increase of 2021 annual results

“Success in development pipeline, record year for offices commercialization, strong growth for values and rents in German residential, rebound and positive outlook in Hotels: Covivio performs on all its activities. Thus, not only the quality of the portfolio continues to improve, with more than 90% of Green certified assets in Europe, but it is also our clients and partners trust in our strategy that strengthens.” Christophe Kullmann, Covivio Chief Executive Officer

A growing and constantly adapting portfolio

  • €27 billion in portfolio (€18bn Group share), increase of €1 billion year-on-year
  • Growth of 4% on a like-for-like basis driven by the German Residential and office developments
  • €901 million in new disposal commitments with a +4% margin, 80% in offices
  • Offices development pipeline success: €485 million of deliveries pre-let at 96% and €1.1bn of new commitments already 53% pre-let
  • Selective residential acquisitions in Berlin, for €208 million, with substantial growth potential in rents and values

Very good operating activity, which accelerated in the second half of the year

  • A record year for office rentals: 180,000 m² leased and pre-let, two-thirds of which in the 2nd half of the year
  • Recovery of the Hotels activity in the second half of the year: like-for-like revenue growth of 27%
  • Strong rental growth in the German Residential market (up 4.5%)
  • Revenue up 3.2% on a like-for-like basis (vs – 2.6% in H1)

ESG strategy: new progress in all areas

  • Carbon trajectory: target of -40% reduction by 2030 on scopes 1, 2 and 3 (including construction)
  • Increase in the share of green assets: at the end of 2021, 91% of the Covivio portfolio has environmental certification twice as much as five years ago
  • Customer-centric strategy: very good results in the Offices tenants survey, winning the “Fairest Landlord” award in German Residential, with an average satisfaction rating on localisation of 8.8/10 in hotels
  • Launch of the Covivio Foundation: support for 12 European projects focused on promoting equal opportunities, in line with Covivio’s Purpose
  • Strengthening the expertise of the Board of Directors: proposal to appoint Daniela Schwarzer as independent director

2021 results exceeded our goals

  • Sharp decrease in LTV by two points to 39%
  • Increase in NAVs by +6% to +10% year-on-year (EPRA NTA per share of €106.4 and EPRA NDV of €97.8)
  • Adjusted EPRA Earnings up 6.6% to €410 million (€4.35 and +3.3% per share) and historic net income of €924 million
  • Proposed cash dividend of €3.75 per share, up by 4.2%


  • Adjusted EPRA Earnings guidance for 2022 of €4.5 per share, assuming that the hotel recovery continues

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