Covivio announces the sale of Respiro, an 11,173 m² property in Nanterre, to two SCPI funds managed by Atland-Voisin and My Share Company for €83 million. With this disposal, Covivio is reaffirming its objective of €600 million in sales for 2020.
The property, which is located in Nanterre and was acquired by Covivio in 2013, underwent a complete refurbishment so it could accommodate a subsidiary of Vinci Construction France in 2015. Respiro holds dual certification: NF HQETM “Very good” and BREEAM® “Excellent”. It also has a BBC-effinergie label.
Immediately after renewing Vinci Construction France Habitat IDF’s lease for a firm 10-year period, Covivio sold this 11,173 m² complex to two SCPI funds managed by Atland-Voisin and My Share Company for €83 million.
A disposal plan totalling more than €600 million for 2020
Since the start of this year, Covivio has signed disposals and agreements for disposals generating €369 million (€266 million GS), including €157 million in agreements signed since mid-March. For the most part, these sales apply to office properties in France and Italy.
With this transaction, Covivio is pursuing its arbitrage strategy for mature core assets, supported by its dynamic Asset Management approach. Covivio is therefore confident that it will achieve its objective of generating more than €600 million group share in new agreements for disposals in 2020.