Disposals sealed at above appraisal values
Covivio announces it has completed the disposal of three office buildings for a total of €131 million: “Campus Ducasse” in Meudon, “Quai 8.2” in Bordeaux and “21 Marquette” in Toulouse.
These sales, closed at an average margin of 3% above their end-2021 appraisal values, underline the successful asset management and high quality of development projects run by Covivio’s teams.
These latest disposals concern 3 buildings with over 27,000 m² of office space, all fully let: “Campus Ducasse”, a 5,100 m² building in Meudon (Greater Paris), the “FactorE” building, part of the “Quai 8.2” project in Bordeaux, which totals 11,000 m² and the 11,500 m² “21 Marquette” building in Toulouse.
These deals illustrate the breadth of Covivio’s know-how: a turnkey campus project on a brownfield industrial site, an urban renewal project, and the redevelopment of historical assets from the group’s portfolio. With the sale of these now-mature assets, Covivio has realised the value created by past work on development and asset management.
The deals were done at a 3% margin above 2021 appraisal values and show the high quality of Covivio’s portfolio as well as the appeal of its buildings. They prove that recently built, high-performance assets which are in good locations and well let are seen as attractive opportunities by institutional investors.Marielle Seegmuller
Covivio Operations Director