French listed property group Covivio has sold its share in two major office buildings to Crédit Agricole Assurances for a total price of €325 mln.
The deal brings the total amount of new sale commitments signed by Covivio since the start of the year to over €880 mln, generating an average margin of +3,4% on the latest appraisal values.
Covivio has sold its 60% share in Carré Suffren, a 25,000 m2 building located in Paris 15th, and a 50.1% interest in Campus Eiffage, a 33,000 m2 complex in Vélizy Villacoublay.
Purchased by Covivio and Crédit Agricole Assurances in 2004, Carré Suffren was redeveloped and delivered in 2009. Further work was carried out in 2020-2021 involving the complete renovation of the service offer and communal areas. The building, which is fully let, is BREEAM, HQE, WiredScore and BiodiverCity certified. Its tenants include AON, Equinix, OECD, CNCCFP and 1001 Vies.
Campus Eiffage was purchased in 2010 and extended in 2013 in partnership with Crédit Agricole Assurances, in the Vélizy-Meudon business district forming part of the Paris-Saclay science and technology cluster. Covivio has been involved in this flagship tertiary district since 2003, rolling out a strategy of turnkey rental campuses for key accounts including Dassault Systèmes and Thalès.
‘Rotating the portfolio to reinvest in prime real estate development is an integral part of Covivio’s long-term strategy. The sale of these two assets allows us to realise the entire value created over the past years thanks to the quality and relevance of our development and asset management policy. This deal also confirms the strength of our long-term partnership with Crédit Agricole Assurances,’ said Christophe Kullmann, Covivio’s Chief Executive Officer.
