Covivio Reports Strong Performance Through September 2024

Covivio showed growth across all sectors by the end of September 2024. Revenues increased by 6.8% on a like-for-like basis, amounting to €509 million Group share. Hotels saw a significant rise in variable revenues by 30.5% as reported and 10.4% like-for-like. The occupancy in offices reached 95.6%, and German residential properties reported a 23% reversion on relettings.

The company continues to succeed in its disposal program, signing new agreements worth €391 million Group share, with a 3.3% margin. Covivio's ESG performance remains strong, maintaining a “5-star” rating from GRESB with a score of 88/100.

For 2024, Covivio holds steady its guidance for a recurring net income of approximately €460 million. Efforts in sustainability and asset management have been recognized with awards and certifications, including the BBCA label for its buildings and a ULI Europe Award for Excellence for its headquarters, L’Atelier.