French property group Covivio has completed the disposal of three fully let office buildings in France totalling 27,000 m2 for €131 mln.
The sales were closed at an average margin of 3% above their end-2021 appraisal values.
The first is the 5,100 m2 Campus Ducasse building in Meudon (Greater Paris), a turnkey campus project on a brownfield industrial site.
The 11,000 m2 FactorE building is part of the Quai 8.2 urban renewal project in Bordeaux.
The deal also includes the 11,500 m2 21 Marquette building in Toulouse, a redevelopment of historical assets from the group’s portfolio.
Marielle Seegmuller, Covivio operations director, commented: ‘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.’
With the sale of these now-mature assets, Covivio has monetised the value created by past work on development and asset management.
