CDC Investissement Immobilier and Covivio form a strategic partnership in Germany

The partnership provides for the acquisition by CDC Investissement Immobilier, on behalf of Caisse des Dépôts, of a 49% stake in a portfolio (39% from Covivio Immobilien, a subsidiary owned by Covivio at 61.7%, and 10% from Covivio)¹. 

The portfolio, which is representative of Covivio’s Berlin residential portfolio, comprises 8 assets located in several of Berlin’s most attractive districts (Charlottenburg, Halensee, Schöneberg, Mitte, Prenzlauer Berg, Friedrichshain, Lichtenberg and Steglitz). The portfolio totals around 70,000 sqm, including 770 flats, 15,800 sqm of commercial space and a 274-space public car park. 

This transaction was signed on the basis of a portfolio valuation of €274m (at 100%), in line with the appraisal values at the end of December 2023. The mortgage financing backed by the portfolio will remain in place. 

The set up of this joint venture illustrates CDC Investissement Immobilier’s interest in the Berlin residential market and highlights the quality of the portfolio and the expertise of Covivio’s local teams. Covivio will continue to provide asset and property management for the portfolio and will implement an ambitious strategy to improve the portfolio’s environmental performance by 2030, in line with the ESG targets of both partners. 

This major transaction for the German residential sector will also contribute €93m (Group share) to Covivio’s disposal program. 

Closing of the transaction, which is subject to usual conditions precedent, is scheduled for Q2 2024. 

1 The portfolio is currently 89.9% owned by Covivio’s German residential subsidiary (Covivio Immobilien, a subsidiary owned by Covivio at
61.7%) and 10.1% directly by Covivio.