Covivio CSR commitments CSR resources Ratings & sustainable finance

Ratings & sustainable finance

Covivio’s sustainable development policy has been recognised regularly by non-financial rating agencies. The success of the Green Bonds issued by the Group also underscores this policy and its results.

Ratings

Recognised sustainable performance

Covivio is notably included in the following indices:

  • DJSI World and Europe
  • Euronext CAC SBT 1.5°
  • Ethibel Sustainability Index
  • FTSE4Good
  • Gaïa Ethifinance
  • MSCI
  • STOXX Europe Sustainability and Global ESG Impact
  • Vigeo-Eiris 20 France, 120 Europe, 120 Eurozone and 120 World

In 2024, Covivio confirmed its “5-star” GRESB rating and its “AAA” from MSCI.

Change in non-financial ratings 2023-2024

20232024
CSA S&P (Former DJSI)
World index since 2013,
World index since 2016		70/100
(Percentile 98)		↑70/100
(Percentile 99)
CDP
Participation since 2012		A↓A–
ISS-ESG
Prime since 2015		B-=B-
GRESB
Green Star since 2013		90/100
(5-stars)		↓88/100
(5-stars)
ECOVADIS
Gold since first taking part in 2018		70/100↑74/100
MSCIAAA=AAA
Sustainalytics ESG Risk Rating
(scale reversed from 0 to 100, where 0 qualifies as zero risk)		5.9
Segment rank: 6/1,048
World: 24/15,922		↑5
Segment rank: 4/1,009
World: 13/15,111

Sustainable finance

Green bonds: Covivio aligns financing policy with ESG goals

A pioneer in the issuance of green bonds since 2016, Covivio passed a key milestone in aligning its financing policy with its ESG goals by launching the conversion of a number of bond tranches issued by Covivio into green bonds. This gave a portfolio of 100% green bonds for Covivio (€3.1 billion) and Covivio Hotels (€1.45 billion). In addition, Covivio signed new corporate credit lines incorporating criteria, i.e. a total of 64% of its total debt (vs 57% in 2023). 

As part of the new Sustainable Bond Framework published in 2022 for its offices activity, gradually integrating the criteria of the European Taxonomy and whose alignment with the Green Bond Principles and the Sustainability Linked Bond Principles (published by the International Capital Market Association) has been confirmed by Moody’s ESG , assets eligible for Sustainable Bonds must: 

  1. have a minimum certification of HQE Excellent, BREEAM Excellent (Very good for assets already delivered), LEED Gold or DGNB Gold;  
  2. be located less than 500 meters from public transport;  
  3. have an annex or green clauses on leases in France and new leases in Italy and Germany

In order to align its financial policy with its ESG ambitions and confirm its pioneering role in the hotel industry, Covivio Hotels has become the first hotel real estate company in Europe to adopt a Green Financing Framework, with the commitment that its future bond issues are carried out in Green Bonds format. Under this Green Financing Framework, eligible assets in operation must meet at least one of the following criteria: 

  • carbon intensity of the asset below the consumption threshold necessary to comply with the 1.5°C trajectory of the Paris Agreement as defined by the CRREM and validated by SBTi (Science Based Targets initiatives);  
  • full alignment with the taxonomy for the acquisition and holding of real estate assets;  
  • HQE certification “Excellent” / BREEAM “Excellent” / LEED or DGNB “Gold” or higher. 
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Our financial publications

Here you will find all Covivio financial publications over the last five years.

Our Publications