Covivio Announces New €500 Million Share Buy-Back Program

On April 17, 2024, Covivio disclosed details of its newly authorized share buy-back program following approval during its Combined Ordinary and Extraordinary Shareholders’ Meeting. The program, set to run until October 16, 2025, encompasses the repurchase of shares with a maximum allocation of €500,000,000, underlining Covivio's strategic financial management to enhance shareholder value.

The shares, listed under ISIN Code: FR0000064578 on Euronext Paris, may be bought back at a maximum price of €85 per share, excluding acquisition costs. This program aims to improve liquidity and manage the company’s capital effectively by possibly engaging in up to 10% of its share capital in repurchases. This includes using the shares for employee share schemes, covering share rights exercises, or retaining the shares for future corporate transactions such as mergers or acquisitions.

Moreover, Covivio aims to maintain market stability by continuing its liquidity contract with BNP Paribas Financial Markets. This contract, adjusted to meet current regulatory standards, plays a pivotal role in managing price volatility and ensuring trading consistency.