Completion of the merger of Beni Stabili into Covivio

The merger of Beni Stabili, Italian subsidiary of Covivio, into Covivio is effective since December 31, 2018. On January 4th, the new Covivio shares have been delivered to Beni Stabili shareholders, based on an exchange ratio of 8.245 Covivio shares for every 1,000 of Beni Stabili shares.

Taking into account the issuance of the new shares, Covivio’s share capital increased by 10%, up to €7.0 bn[1], and the free-float increased by 16%, up to €3.6 bn.

The Covivio shares, listed in the Euronext Paris A compartment, are now also admitted to trading on the MTA market (Mercato Telematico Azionario) of the Milan stock exchange.

This merger continues Beni Stabili’s transformation which began three years ago and confirms Covivio’s investment strategy in Italy, centred on Milan and the development pipeline. It also constitutes a new step towards Group simplification and strengthens the ties between its various divisions. Covivio will thus enhance its position as a leading European integrated real estate player, by strengthening its three strategic pillars: major European cities, real estate development and client centricity. With this merger, all of Covivio’s teams are now reunited under one banner and deploy their activities in Europe through the same identity: Covivio.

[1] On the basis of a capital of 82,902,898 shares and a share price on 4 January 2019 of €84.7.


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