Real estate company Covivio has completed the sale of three fully-let office buildings in France for a total of €131 million.
The sales of Campus Ducasse in Meudon, Greater Paris, Quai 8.2 in Bordeaux, and 21 Marquette in Toulouse, were closed at an average margin of 3% above their end-2021 appraisal values.
These deals illustrate the breadth of Covivio’s know-how: a turnkey campus project on a brownfield industrial site, an urban renewal project, and the redevelopment of historical assets from the group’s portfolio. With the sale of these now-mature assets, Covivio has realised the value created by past work on development and asset management.
Marielle Seegmuller, Covivio Operations Director, says, “The deals were done at a 3% margin above 2021 appraisal values and show the high quality of Covivio’s portfolio as well as the appeal of its buildings. They prove that recently built, high-performance assets which are in good locations and well let are seen as attractive opportunities by institutional investors.”
