Covivio and Funds Managed by Blue Owl Capital announce a €500 million strategic partnership to share Thales sites in Vélizy

Thales is present in Vélizy-Meudon since 1971, within the leading innovation and defence cluster in Greater Paris, Paris-Saclay^[1]. Since 2002, Covivio has supported Thales in its expansion in Vélizy, first through the sale and leaseback of the TED site, then in 2014 with the delivery of the “Hélios 1” campus, and finally in 2026 with the upcoming delivery of the “Hélios 2” campus. These three sites, which are let to Thales for an average lease term of 12 years, will represent, with over 126,000 m², the group’s largest facility in the world with nearly 6,000 employees.

It is in this context that Covivio and Blue Owl managed funds entered an agreement at the end of December 2025. The transaction, which is expected to be completed in the first semester of 2026, consists of the creation of a joint venture owned 51% by Covivio and 49% by Blue Owl, which will hold the three Thales sites in Vélizy:

• The 46,750 m² “Hélios 1” campus, currently owned by Covivio and Crédit Agricole Assurances in partnership. As part of the transaction, Crédit Agricole Assurances will sell its entire stake;
• The 41,500 m² TED production and R&D site, wholly owned by Covivio;
• The new 38,000 m² “Hélios 2” campus, currently under construction for delivery in mid-2026 and wholly owned by Covivio. As part of this forward sale, Covivio will continue to act as developer.

The transaction values the entire site at €503 million. For Covivio, the transaction represents the equivalent of €138 million in sales at a premium on the value at the end of 2024. It also opens a new chapter to continue to support the expansion of major tenant partners while helping to rebalance its portfolio in favour of hotels.

Eastdil Secured acted as exclusive financial advisor to Blue Owl Capital in connection with the transaction.

[1] Paris-Saclay university and research cluster, source: EPA Paris-Saclay