2019 first-half financial results:Increasing pipeline…

“Covivio ends this half-year well on the way to its full-year objectives. Our markets are performing well and our diversified position, as leader in our segments, is reflected in growth in all our operational and financial indicators. The strengthening of the balance sheet, through the successful dividend payment in shares and the progress of our disposal plan, has enabled us to reach our new leverage target below 40% in the 1st half of the year”.
Christophe Kullmann, Covivio Chief Executive Officer

  • Acceleration of the development pipeline is on track
    • 100,000 m² of new committed projects in Paris, Levallois-Perret, Milan and Berlin
    • Committed projects pipeline increased by 30% to €2.1 billion (€1.7 billion Group share)
    • New rental agreement with NTT Data for 16,000 m² in The Sign complex in Milan, 18 months ahead of delivery
    • A pipeline that is already 51% pre-let, securing the expected yield of 6%


  • New LTV objective of less than 40% already achieved
    • €732 million in secured disposals, with an average margin of 6% on the last appraisal value
    • Success of the payment option of dividend in shares, increasing equity by €316 million
    • LTV at end-June of 39.2%; improvement in S&P rating to BBB+


  • Growth in first-half results
    • Rental income: +3.3% on a like-for-like basis
    • Portfolio value: +2.8% on a like-for-like basis
    • 2.8% increase in EPRA Earnings per share, and a 5.4% rise in EPRA NAV per share year-on-year


  • 2019 outlook confirmed

    • Guidance of 2019 EPRA earnings per share growth of over 3%



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