BRÈVE

sur COVIVIO (EPA:COV)

Strategic Strengthening of Covivio in the Hotel Sector

Covivio, a pioneering player in hotel real estate in Europe, has signed an agreement with Generali to acquire its 8.3% stake in Covivio Hotels in exchange for new Covivio shares. This transaction, representing the acquisition of €500 million worth of assets and a capital increase of nearly €300 million, marks a significant step in strengthening Covivio's position in the hotel sector.

Following this transaction, expected to be finalized at the end of April, Covivio will hold 52.2% of the capital of Covivio Hotels and will launch a mandatory public exchange offer for the remaining shares. This strategic move allows Covivio to consolidate its presence in a growing hotel market, benefiting from optimistic tourism development prospects and a significant increase in average prices, recording a 10% rise in 2023 compared to 2022.

The acquisition of Generali's stake enhances Covivio's exposure to a portfolio of 313 top-tier hotels, mostly located in major European tourist cities. This transaction promotes a balancing of Covivio's portfolio between offices, residences, and hotels, while having a nearly neutral impact on net asset value and being accretive to recurring net income.

R. H.

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