Activity at end-March 2024: Continued growth in like-for-like revenues and new growth drivers

Significant reinforcement in hotels

• Acquisition of the equivalent of €500 million in hotels in exchange for Covivio shares
• Increase in hotel exposure to 20% of portfolio Group share (vs. 17% at end-2023)

Strategic partnership in Germany Residential

• Creation of a joint venture with CDC Investissement Immobilier for a €274 million residential portfolio in Berlin
• Transaction in line with end-2023 appraisal values
• Contributing €93 million (Group share) to the disposal programme

Success of the premium offer in offices

• Numerous lettings during the quarter: 48,800 m² let or renewed
• New increase in occupancy rate to 95.3% (vs. 94.5% at end-2023 and 92.2% in March 2023)
• Positive reversion of 13% on Core assets (94% of office portfolio), including 21% in city centres 

Continued strong like-for-like growth in revenues: +7%

• Revenues (Group share) of €154 million, up 7.1% like-for-like
• Offices: record like-for-like growth of 10%, driven by lettings, indexation and reversion
• Germany Residential: sustained like-for-like growth of 4.0%
• Hotels: like-for-like growth of 4.6%, including variable revenues up 3% and fixed rents up 5%
• Group occupancy rate up 40 bps over three months to 97.1%

Maintained strong financial discipline

• €153 million in new disposal agreements (€219 million at 100%), 2% above end-2023 appraisal values
• Scrip dividend proposal approved by the General Meeting of 17 April. The main shareholders (43% of capital) have already committed to take up this option, thereby strengthening the balance sheet from €142 million to €331 million

Successful and recognized ESG strategy

• Carbon trajectory: 26% reduction at end-2023 (vs. 2010), in line with the reduction target of 40% by 2030
• Further decarbonisation of the energy mix: 80% of directly managed assets (Scopes 1 and 2) now have green electricity contracts
• Further improvement in ESG ratings: Sustainalytics rating upgraded in March 2024, placing Covivio in the sector top 10