Covivio and funds managed by Blue Owl Capital finalise the creation of their joint venture, which owns the Thales sites in Vélizy

A partner in Thales’s establishment in Vélizy for nearly 25 years, Covivio has supported the group’s property development in the heart of Paris-Saclay, a world-class innovation hub, first in 2002 with the sale and leaseback of “TED” production and R&D site, then in 2014 with the delivery of ”Hélios 1” campus, and finally with the ”Hélios 2” campus, due for delivery this year.

As of April 2026, these three assets, which were previously owned by Covivio (in partnership with Crédit Agricole Assurances for the “Hélios 1” site), are now, as part of the newly created joint venture, 51% owned by Covivio and 49% by real estate funds managed by Blue Owl Capital.

These three sites represent Thales’ largest global facility, designed to accommodate nearly 6,000 employees across more than 126,000 m 2 .

The transaction values the entire site at €503 million. For Covivio, the transaction represents the equivalent of €138 million in sales and contributes to the rebalancing of its portfolio in favour of hotels.

Covivio and Blue Owl Capital are delighted with this significant partnership, which will enable them to continue supporting Thales’s development.