Strong increase of 2021 annual results

  • Finance

February 22, 2022

Success in development pipeline, record year for offices commercialization, strong growth for values and rents in German residential, rebound and positive outlook in Hotels: Covivio performs on all its activities. Thus, not only the quality of the portfolio continues to improve, with more than 90% of Green certified assets in Europe, but it is also our clients and partners trust in our strategy that strengthens.

Christophe Kullmann
Covivio Chief Executive Officer

A growing and constantly adapting portfolio

  • €27 billion in portfolio (€18bn Group share), increase of €1 billion year-on-year
  • Growth of 4% on a like-for-like basis driven by the German Residential and office developments
  • €901 million in new disposal commitments with a +4% margin, 80% in offices
  • Offices development pipeline success: €485 million of deliveries pre-let at 96% and €1.1bn of new commitments already 53% pre-let
  • Selective residential acquisitions in Berlin, for €208 million, with substantial growth potential in rents and values

Very good operating activity, which accelerated in the second half of the year

  • A record year for office rentals: 180,000 m² leased and pre-let, two-thirds of which in the 2nd half of the year
  • Recovery of the Hotels activity in the second half of the year: like-for-like revenue growth of 27%
  • Strong rental growth in the German Residential market (up 4.5%)
  • Revenue up 3.2% on a like-for-like basis (vs – 2.6% in H1)

ESG strategy: new progress in all areas

  • Carbon trajectory: target of -40% reduction by 2030 on scopes 1, 2 and 3 (including construction)
  • Increase in the share of green assets: at the end of 2021, 91% of the Covivio portfolio has environmental certification twice as much as five years ago
  • Customer-centric strategy: very good results in the Offices tenants survey, winning the “Fairest Landlord” award in German Residential, with an average satisfaction rating on localisation of 8.8/10 in hotels
  • Launch of the Covivio Foundation: support for 12 European projects focused on promoting equal opportunities, in line with Covivio’s Purpose
  • Strengthening the expertise of the Board of Directors: proposal to appoint Daniela Schwarzer as independent director

2021 results exceeded our goals

  • Sharp decrease in LTV by two points to 39%
  • Increase in NAVs by +6% to +10% year-on-year (EPRA NTA per share of €106.4 and EPRA NDV of €97.8)
  • Adjusted EPRA Earnings up 6.6% to €410 million (€4.35 and +3.3% per share) and historic net income of €924 million
  • Proposed cash dividend of €3.75 per share, up by 4.2%


  • Adjusted EPRA Earnings guidance for 2022 of €4.5 per share, assuming that the hotel recovery continues


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