Covivio successfully places €500 million of 9-year bonds, the sector’s first European Green Bond issuance

A bond issue at a 3% cost

The spread of the issuance is 135 basis points at 9 years, for an annual coupon of 3.625%. Thanks to Covivio strong hedging position, the average effective rate of the issuance is 3%.

This transaction will strengthen the Group’s balance sheet, enabling to:

• Keep a high average debt maturity (4.8 years at end-2024);
• Further reinforce the Group’s liquidity (€2.5bn at end-2024) and cover debt maturities until end-2027;
• Maintain diversification of funding sources;
• Confirm an attractive average cost of debt, expected to be below 2.5% until the end of 2028.

For the record, in May 2025 Standard & Poor’s confirmed Covivio’s financial rating at BBB+, stable outlook, particularly praising the strength of the Group’s diversified business model, robust operating performance and prudent financial policy.

Application will be made for these bonds to be admitted to trading on Euronext Paris. The final documentation relating to this bond issuance will be available on the websites of the Autorité des Marchés Financiers and Covivio. Settlement and delivery of the bonds and their admission to trading on Euronext Paris are expected to take place on 17 June 2025.

Success of the real estate sector’s first issuance under the European Green Bond format

Coming into effect on 21 December 2024, this new format aims to harmonize and strengthen the requirements for green bonds. This new voluntary European regulation (EU Green Bond Standards) is based on the European taxonomy and specify the rules to be followed in terms of transparency, reporting and verification.

Covivio today inaugurates this new format within the real estate sector and confirms its pioneer status in the green bond market. The proceeds of the issue will be used to finance or refinance assets aligned with the taxonomy under 7.7 activity (acquisition and holding of real estate assets), in accordance with the principles of the EU Green Bond factsheet published in April 2025, and having received a positive opinion after review by an external auditor. At the end of 2024, €4.2 billion of assets are eligible for the EU Green Bond.

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This press release and the information contained herein do not constitute an offer to sell or the solicitation of an
order to buy or subscribe for the Bonds in any jurisdiction, particularly in the United States. Nor does it constitute an offer to repurchase or an invitation to sell the bonds or an invitation to participate in the offer. The distribution of this press release may be subject to specific regulations in certain countries and persons in possession of this press release should inform themselves about and observe any applicable restrictions.