During the General Meeting of 17 April 2019, the shareholders approved the amount of the dividend paid in respect of fiscal year 2018 of €4.60 per share (a 2.2% increase compared with 2017), as well as the scrip dividend option.
The subscription price of the shares to be delivered as payment of the dividend has been set at €81.29. It corresponds to 90% of the average of the closing share price of the 20 trading sessions prior to the General Meeting of 17 April 2019, less the dividend.
The shares issued as a result will bear rights as of 1 January 2019 and will be the subject of a request for authorisation to trade on the Euronext Paris regulated market as well as on the MTA (Mercato Telematico Azionario) market on the Milan Stock Exchange.
This transaction allows Covivio to come significantly closer to its new objective of LTV below 40% (vs 40-45% previously), while pursuing its investments, especially in the development pipeline which offers high profitability (6.1% yield on the total development cost of committed projects).
The shareholders represented on the Covivio Board of Directors (Delfin, Covea, Predica and ACM, representing 49% of the capital) have already undertaken to subscribe to this option.
The General Assembly also approved the renewal of the term of office of :
Jean Laurent, Chairman of the Board of Directors (*)
Leonardo Del Vecchio, Vice-Chairman of the Board of Directors
Catherine Allonas Barthe, permanent representative of ACM Vie, Member
Romolo Bardin, Member
Delphine Benchetrit, Member (*)
Jean-Luc Biamonti, Member (*)
Christian Delaire, Member (*)
Sigrid Duhamel, Member (*)
Jérôme Grivet, permanent representative of Predica, Member
Christophe Kullmann, Chief Executive Officer
Sylvie Ouziel, Member (*)
Olivier Piani, Member (*)
Patricia Savin, Member (*)
Catherine Soubie, Member (*)
Laurent Tollié, permanent representative of Covéa Coopérations, Member
Sergio Erede, Censor
Ariberto Fassati, Censor
Laurent Tollié, Member
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Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today’s user experience and designing tomorrow’s city.
A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.
A benchmark in the European real estate market with 23 Bn€ in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.
Its living, dynamic approach opens up exciting project and career prospects for its teams.
Covivio’s shares are listed in the Euronext Paris A compartment (FR0000064578 – COV) and on the MTA market (Mercato Telematico Azionario) of the Milan stock exchange, are admitted to trading on the SRD, and are included in the composition of the MSCI, SBF 120, Euronext IEIF “SIIC France” and CAC Mid100 indices, in the “EPRA” and “GPR 250” benchmark European real estate indices, EPRA BPRs Gold Awards (financial + Sustainability), CDP (A), Green Star GRESB and in the ESG FTSE4 Good, DJSI World & Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20), Euronext® CDP Environment France EW, Oekom, Ethibel, Sustainalytics and Gaïa ethical indices.
Covivio is rated BBB+/Stable outlook by Standard and Poor’s.