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

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