Ahead of its financial and extra-financial objectives, Covivio raises its expectations for results for 2021, claims the success of its diversification model and says it is ready to strengthen its commitment to environmental sustainability by aiming for emissions neutrality by 2030. The accounts of Covivio have been made known, which, with 26 billion euros of assets, is one of the main real estate operators, whose stock is listed in Paris in the A segment of Euronext and in the MTA segment of the Milan Stock Exchange
The bills
“Covivio – explained Christophe Kullmann, CEO of Covivio – has achieved a good first half, with over 140 thousand square meters of new contracts or renewals of office leases, 400 million euros in sales with a margin of + 4% and + 2% growth in the value of assets on a like-for-like basis. Net assets (Nav) increased by 4% on an annual basis and theEpra Earnings +7.5 per cent “, to 390-400 million euros (from 4.1 to 4.2 euros per share), compared to the previous 380-395 million euros, depending on the profile of the recovery in real estate hotel. Furthermore, Covivio confirms its target of over 600 million euros of new sales agreements.
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During the first half of the year, Covivio signed sales agreements for a value of 404 million euros (share attributable to the Group) with a margin of + 3.7% on the latest estimates. Sales of offices represent over 80% of these volumes, or 334 million euros, of which 171 million euros of non-core activities in Italy, leased in particular to Telecom Italia (with a + 2% margin) and 102 million euros of mature assets in France, Lyon and Lille. In Germany, Covivio has completed the division of the Alexanderplatz development project in Berlin with Generali and Covéa, which is now 55 percent owned.
From the beginning of 2020, Covivio will have signed office sales for over 1 billion euros, with an average margin on the last estimated value of more than +5 percent.
La pipeline
Strategic pillar of Covivio, the development pipeline allows in particular to transform obsolete properties into attractive work spaces, suitable for the new needs of customers, with an important generation of financial and extra-financial value.