Activity at end-March 2023: like-for-like revenue growth of 11%

  • Finance

April 19, 2023

Favourable letting momentum

  • Offices: high indexation and confirmation of a two-speed market, with the good performance of central locations contrasting with falling demand in non-central locations
  • Germany Residential: the imbalance between supply and demand continues to drive up rents (+5% over 3 months in Berlin)
  • Hotels: continued growth, with the average performances 10% above 2019 levels across Europe

Good operating performance across all businesses

37,300 m² of office space let or renewed since the beginning of 2023, including 25,100 m² in Germany

Sustained rental performance in Germany Residential, with 16% average reversion

Hotels: confirmation of business recovery and new asset management operations

Strong like-for-like revenue growth of 11% at end-March 2023

  • Revenues (Group share) of €153.9 million, up 4% on a reported basis and 11% on a like-for-like basis
  • Offices: 5.1% like-for-like increase, driven by indexation
  • Germany Residential: acceleration of like-for-like growth to 3.9%
  • Hotels: 57.5% on a like-for-like basis, of which 236% on variable revenues and 30% on fixed leases
  • Occupancy rate of 95.2% at end-March

Continued balance sheet strengthening

  • €170 million disposals (€195 million at 100%) completed at end-March and €67 million (€158 million at 100%) of new disposal agreements 2.2% above 2022 appraisal values
  • Scrip dividend proposal to be submitted to the General Meeting of 20 April. The main shareholders (51% of the capital) already committed to opt for this option, implying a balance sheet strengthening of €175 million to €350 million

A new phase for ESG commitments

  • Proposal to submit the climate plan to the vote of the General Meeting (“say on climate” resolution)
  • Carbon trajectory: on track to achieve 2030 ambitions

ContaCt

Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00
Mail : geraldine.lemoine@covivio.fr

Louise-Marie Guinet

Tél : + 33 (0)1 43 26 73 56
Mail : covivio@wellcom.fr

Investor Relations

Vladimir Minot

Tél : + 33 (0)1 58 97 51 94
Mail : vladimir.minot@covivio.fr