2020 half-year results: Good performance in offices and residential, hotel real estate affected by the crisis

“During the 1st semester, our offices and residential activities (84% of our portfolio) performed well. On the other hand, hotels have been directly impacted by an unprecedented crisis. During this period, we reinforced our exposure in Germany, with €1.2 billion acquisitions, and made significant progress in our sales plan, with new agreements signed for €400 million. More than ever, our capacity to adapt and the diversification of our portfolio are key strengths in order to deal with the crisis and prepare tomorrow’s growth.”
Christophe Kullmann, Covivio Chief Executive Officer

Real estate markets: conjunctural impacts and structural changes

  • Resilient residential and office segments, with a dynamic investment market
  • A heavily-impacted hotel industry
  • The crisis acting as a catalyst for trends that we had noted prior to the global pandemic: flexibility, digitisation and well-being

First-half activity

  • Expansion in German Offices with the successful takeover offer on Godewind Immobilien (10 assets for €1.2 billion located in the most dynamic German cities)
  • Successful sale plan: disposals worth €400 million, with a 15% margin on the latest appraisal values
  • Development pipeline: projects delayed by an average of 3 months, but no impact on value creation or average targeted yield on cost
  • Very high rent collection level, demonstrating the quality of our rental base

First-half results


  • Portfolio: €25 billion (€17 billion GS), in offices (60%), residential (24%) and hotels (15%)
  • €1.2 billion growth (+8%) and +1% in like-for-like scope, despite the 3.1% drop in hotels
  • Rental income: €302 million; up 1.9% on a like for like basis in offices and residential, and down 51% in hotels
  • EPRA Earnings: €192 million and €2.17/share; EPRA NAV: €9,444 million and €99.8/share


  • 2020 EPRA Earnings guidance of around €380 million (€4.15 per share)
  • Over the medium term, the fundamentals of Covivio and our three strategic pillars (major European cities, real estate development and services to our clients), particularly adapted to the ongoing rapid changes, should enable us to deal with the crisis and achieve lasting growth in results.




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