Ratings & sustainable finance

Recognised sustainable performance

Covivio continues to enjoy good ratings from ESG agencies. These agencies recognise the relevance and performance of certain key aspects of its strategy. This is particularly true of its climate policy and its environmental certification programme for assets, which have been praised by agencies such as CDP and GRESB. In a spirit of transparency and dialogue, Covivio also responds to direct requests from its partners and investors who wish to supplement their analysis of ESG issues.
Covivio is also included in the DJSI World and Europe indices, the Ethibel Sustainability Index, FTSE4Good, Ethifinance’s Gaïa, MSCI, STOXX Europe Sustainability and Global ESG Impact, Vigeo-Eiris 20 France, 120 Europe, 120 Eurozone and 120 World.

Change in non-financial ratings 2024-2025

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. 

In June 2025, Covivio became the first player in the sector to issue a green bond (€500 million, 9 years) in EU GB format. This new format, which came into force on 21 December 2024, aims to harmonise and strengthen the requirements for green bonds. This new voluntary European regulation (EU Green Bond Standards) is based on the European taxonomy and specifies the rules to be followed in terms of transparency, reporting and verification. The proceeds from the issue will be used to finance or refinance assets aligned with the taxonomy under activity 7.7 (acquisition and holding of real estate assets), in accordance with the principles of the EU Green Bond factsheet published last April, and which have received a positive opinion after review by an external verifier.
At the end of 2025, €4.2 billion in assets are eligible for the EU Green Bond.