Covivio : Covvio FY 2019 Analysts Presentation (2024)

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06-13	Grupo fa*gra acquired Occidental Castellana Norte from Covivio.	CI
05-31	Covivio: the simplified public exchange offer for Covivio Hotels opens on Monday	CF

February 13, 2020 at 10:00 pm

SUMMARY

I.SUCCESSFUL STRATEGY	4

II.GOOD OPERATIONAL & FINANCIAL RESULTS IN 2019	9

III.SIGNIFICANT GROWTH DRIVERS	26

IV.EXPANDING IN GERMAN OFFICES	32

V.OUTLOOK & GUIDANCE 2020	46

VI.APPENDIX

FY2019	2

FY2019 RESULTS /KEY MILESTONES ACHIEVED

STRONG

OPERATING

PERFORMANCE

+40%

COMMITTED PROJECTS

+€1.0 BN NEW PROJECTS / +170,000 m²

+5.3%

LIKE-FOR-LIKE VALUE

DISCIPLINED

FINANCIAL

POLICY

LTV 38.3%

TARGET <40% REACHED

RATING UPGRADE TO

BBB+

SOLID

FINANCIAL

PERFORMANCE

+4.4%

EPRA EARNINGS PER SHARE

+6.1%

EPRA NAV PER SHARE

FY2019

Paris - Gobelins

COVIVIO /OUR PURPOSE, BACKBONE OF OUR STRATEGY

3 STRATEGIC PILLARSSUPPORTING OUR ESG STRATEGY

FOCUS ON MAJOR EUROPEAN CITIES	Sustainable buildings…
84% green assets
TARGET 100%OF OUR PORTFOLIO BY 2023	with target 100% by 2025

DEVELOPMENT PIPELINE	…emitting less carbon…
Target -1/3 carbon weight per m²
€8 BN OF PROJECTS	by 2030

CLIENT CENTRICITY	…and generating well-being
Target 100% of offices & residential with a
97% OCCUPANCY ON AVERAGE SINCE 2010
service offer by 2025

BUILD SUSTAINABLE RELATIONSHIPS & WELL-BEING

FY2019

1 /A GROWING PORTFOLIO MORE FOCUSED ON MAJOR EUROPEAN CITIES

€23 bn	€24 bn
€15 Bn Group Share
at end-2018	€16 Bn Group Share
	at end-2019
	92%
	IN MAJOR EUROPEAN CITIES
	65%
	IN PARIS, BERLIN & MILAN

3 SUCCESSFUL PLATFORMS IN EUROPE

OFFICESRESIDENTIAL HOTELS

€11.0 bn	€6.2 bn	€6.5 bn
€9.0 bn group share	€4.0 bn Group share	€2.5 bn Group share

58%	25%	16%

and 1% non-strategic

+10.2%

Real estate total return

FY2019	% breakdown in Group share	6
Total Return = Like-for-like value growth + IFRS revenue yield

2 /A €8.0 BILLION TOTAL PIPELINE

€6.6 BN GROUP SHARE

A GROWING COMMITTED PIPELINE IN 2019

+€1.0 bn of new projects

-€0.3bn of deliveries in 2019

€2.3 bn

€1.8 bn Group share

€1.6 bn	+40%
€1.3 bn Group share
End-2018	End-2019

FUELLING REVENUE	5.9%
GROWTH	yield on cost

STRONG VALUE	>30%
CREATION	target margin

WITH CONTROLLED	75%
LETTING RISK	pre-let on 2020 deliveries
FY2019

AND MORE CAPACITY TO REFUEL IT

+€2.0 bn managed projects

of which +€1.2 bn	€5.8 bn

in Paris inner-city	€4.8 bn group share

€3.8 bn	+50%
€2.7 bn group share
End-2018	End-2019

Including cost of land, capex & financial costs
with €746 m Group share remaining to be invested on the committed pipeline	7
& ~€3.3 bn Group share on the managed pipeline

3 /QUALITY OF THE RELATIONSHIP WITH CLIENTS STRENGTHENED IN 2019

OFFICES

Retaining long-term clients

290,000 m² renewed

with +4%increase on IFRS rent

Tenant since	Tenant since	Tenant since
2008	2012	2010

RESIDENTIAL

Highly satisfied tenants

Fairness ranking

HOTELS

Strengthening our ties with historic partners

Success of our flex-workspace offer

99% occupancy

The only private companies with top score "very good"

out of 23 companies (9 private) in the Focus Money survey 20201

Tenant since

2012

New leases on 1,115 rooms to be acquired in 2020

Tenant since

2005

Acquisition of 32 hotels 6,221 new rooms with Accor

98%	99%	100%
occupancy	occupancy	occupancy

FY2019

1Link to the Focus Money Survey8

Milan - Via Dante

SOUND MARKET FUNDAMENTALS ACROSS ALL ACTIVITIES

OFFICES

LOW VACANCY RATE

Greater Paris

4.9%

-0.4 pt vs 2018

Milan

4.2%inner-city & 1string

-0.5 pt vs 2018

Germany

3.0%top 7 cities1

-0.6 pt vs 2018

FY2019

RESIDENTIAL

HOUSING SHORTAGE

PERSISTS

340,000	140,000
units deficit	INCL. units
in Germany	in Berlin

Shortage unlikely to be resolved with

the new regulation in Berlin

See appendix page 71 for more details

HOTELS

WELL-ORIENTED

TOURISM TRENDS

+4.6% per year

international tourists arrivals since 10 years

+3-4%

forecasted for 2020

1Berlin, Frankfurt, Hamburg, Düsseldorf, Munich, Cologne, Stuttgart	10
Sources: C&W, JLL, DZ Hyp, UNTWO

OFFICES PORTFOLIO /A STRONG RENTAL PERFORMANCE IN 2019

SOLID LIKE-FOR-LIKE RENTAL GROWTH

VERY ACTIVE YEAR FOR RENEWALS & PRE-LETTINGS

Renewals

FRANCE

OFFICES

+2.6%

ITALY

OFFICES

+1.3%

OF WHICH MILAN

+1.8%

EXCL. TELECOM ITALIA

+1.3 ptindexation effect

+0.6 ptreversion on renewals

+0.7 ptoccupancy

+1.0 ptindexation

+0.1 pt & +0.2 pt

occupancy & renewals

290,000 m²

€54 m Group share IFRS rents

+4%on IFRS rent

+6years average maturity

Pipeline: lettings & pre-lettings

~83,000 m²

€17 m IFRS rents Group share

11years average maturity

FY2019

HOTEL PORTFOLIO /+1.2% LFL REVENUE GROWTH

Fixed-indexed leases

+1.5% LfL

52%

% REVENUE 24%

24%

EBITDA

from management contracts

+2.3% LfL

FY2019

Variable leases

mainly Accor in France

-0.6% LfL growth

Impact of Accor renovation works

SCOPE

DURATION

IMPACT

~40%	2019	-5%
of the Accor	& part of 2020	turnover
portfolio		in 2019

Better portfolio quality

Better growth prospects

Short term impact in the rents in 2019 & 2020

Ibis Bordeaux Bastide - renovated in 2018

CASE STUDY ON 5 HOTELS /1,500 ROOMS

RENOVATED BY ACCOR IN 20181

	+8%
Turnover	vs before
of the hotels	renovation

Renovation		Ramp-up
phase		& growth phase
-5% turnover		+14% turnover
End-2017	End-2018	End-2019

1Renovation works on 5 hotels of the Accor portfolio acquired in 2019	12
€11 m of capex invested by Accor

GERMAN RESIDENTIAL PORTFOLIO /+4.3% LFL RENTAL GROWTH

Strong rental growth

in Berlin…

+4.6%

LFL RENTAL

GROWTH

Hamburg

NRW

Dresden &

Leipzig

…and in other cities…

50% OF REVENUE

+4.0%

LFL RENTAL

GROWTH

…generated

by a balanced mix of drivers

Indexation	Reletting
34%
29%

Modernization	Reletting with
19%	modernization
18%

FY2019

BERLIN RESIDENTIAL NEW REGULATION /IMPACTS FOR COVIVIO

BERLIN RESIDENTIAL PORTFOLIO:		RENT LEVELS ARE FROZEN FOR 5 YEARS AND LIMITED BY RENT CEILINGS1
9% OF COVIVIO TOTAL REVENUES

Rents between 100%		Rent decreasedepending on in-place rent level, applicable starting
and 120% of the cap:

25% of the rents		in Feb. 2020 for relettings& in Nov. 2020 for current leases
Rents < cap:
23%
of the rents
		2020	-€1.5 m to-€1.9 m
Rents > 120%:		Group share
	Estimated impacts
52%
of the rents		on our rental income
		-€6.0mGroup share
		2021
		vs 2020

UNCERTAINTY ON THE FINAL OUTCOME & NO SOLUTION TO THE HOUSING SHORTAGE

Legal uncertainties: federal vs state level issue; interference with the owners' property rights

Risk of increasing the	Limited risk outside Berlin	Next steps:local opposition
housing shortage		& federal governing parties
Lack of ~140,000 units in		to challenge the law as soon
Berlin2		as it is enacted

FY2019	1See more details on the specifics of the law in page 75 of the appendix	14
	2Source : DZ Hyp

BERLIN RESIDENTIAL PORTFOLIO /UNCHANGED VIEW IN THE MEDIUM-TERM

3 MAJOR STRENGTHS OF OUR BERLIN PORTFOLIO

HIGH-QUALITY &

LIQUID PORTFOLIO

DEVELOPMENT CAPACITY WITH HIGH VALUE CREATION

DIVERSIFICATION

95% prime & good locations	60% gap
Small buildings of 11 units on average	between valuation in block & unit value
€2,800 /m²current valuation
>50% of assets already in condominium division
vs €4,500 /m²asking price on condominiums

New buildings areexempted from new regulation	>40% margin
€850 m pipeline to build 3,400 units
€3,440 /m² average development cost	on development projects

Berlin residential= 9% of Covivio revenue	Maximum 1% rent impact
Maximum -€8 m rent decrease

	out of €700 m Covivio revenue1

SHORT TERM

Capacity to absorb the rent impacts

RENTS	VALUATION	DISPOSALS &
DEVELOPMENTS MARGINS

OUR VIEW

	MEDIUM TERM

	Rents & value to keep increasing
FY2019	due to housing shortage
	1Covivio annualized revenue in Group share 15

Paris - Jean Goujon

€1.2 BN OF NEW DISPOSALS SIGNED IN 2019 (€1.0 BN GROUP SHARE)

5.5% YIELD & +4.9% MARGIN

100%	Group	Gross	Margin
ACCELERATION OF MATURE ASSETS DISPOSALS
	share	Yield	(100%)
	& PURSUIT OF NON-CORE DISPOSALS
		(100%)

France offices	€302 m	€349 m	4.6%	+2.6%	Mature assetsin Greater Paris & major cities

Italy offices	€380 m	€377 m	5.6%	+0.7%	70% matureassets in Milan
30%non-coreoffices outside Milan


Germany	€91 m	€59 m	3.6%	+38.2%	Including€48 m privatizations in Berlin
Residential	with 60%margin


Hotels	€295 m	€97 m	5.3%	+20.4%	Mostly B&B Hotelsin secondary locations
in France & Germany


Non-strategic	€85 m	€70 m	10.7%	-27.4%	Shopping malls in secondary locations in Italy
(retail)

FY2019	See appendix page78-80for more details	17

€1.5 BN OF INVESTMENTS REALIZED IN 2019 (€0.8 BN GROUP SHARE)

5.7%YIELD

DEVELOPMENT CAPEX

€0.6 bn at 5.9% yield

€0.5 bn Group share

58%

IN FRANCE,

MOSTLYPARIS & LYON

13%

IN ITALY,

MOSTLY MILAN

29%

INBERLIN

RESIDENTIAL & OFFICES

ACQUISITIONS

€0.9 bn at 5.3% yield

€0.3 bn Group share

€736 m Hotels

(€156 m Group share)

In major European cities1

€118 mGerman residential

(78 m Group share)

In NRW, Dresden & Leipzig

€30 mBerlin office

FY2019	12019 acquisitions only.	18
See appendix page 77 for more details	Excludes the €573 million (€248 m Group Share) hotel portfolio secured in early 2020

+€1.0 BN OF NEW COMMITTED PROJECTS IN 2019, UP TO €2.3 BN

+€0.7 BN GROUP SHARE

IN PARIS& BORDEAUX

+100,000 M² OF OFFICES

Paris 17th- So Pop1	Levallois - Alis
31,000 m² / 2021	20,500 m² / 2022
€214 m / 6.1% yield	€215 m / 5.0% yield

IN MILAN

+33,000 M² OF OFFICES

Symbiosis D	Reinventing Cities
18,600 m² / 2021	10,000 m² / 2022
€85 m / 7.0% yield	€42 m / 6.5% yield
35% pre-let	18% pre-let

IN BERLIN

+30,000 M²

RESIDENTIAL

+385 units

2021 / 2022

+€104 m committed / 4.7% yield >40% target margin

€2.3 bn

€1.8 bn

group share

5.9%

YIELD ON COST

54%

Vélizy - DS Campus1

27,600 m² / 2022

€162 m / 7.2% yield 100% pre-let

Bordeaux - Jardins

de l'Ars19,200 m² / 2022

€72 m / 6.1% yield

Via Unione

4,200 m² / 2021

€43 m / 5.2% yield

PRE-LET

>30%

TARGET VALUE CREATION

FY2019	1	50% shared with institutional investors	19
	See appendix page58-60for more details

VÉLIZY /NEW TURNKEY DEVELOPMENT FOR DASSAULT SYSTEMS

ASSET SHARED AT 50%

WITH CRÉDIT AGRICOLE ASSURANCES

2008	2016	End-2019
	Delivery		Additional	Commitment

	of a 56,600 m²		12,800 m²	of a third
	campus		building	building

						27,600 m²




	Extension 2016		7.2%	>30%
					€162 m

Initial campus
2008					TOTAL COST	YIELD	TARGET
					SHARED AT 50%	ON COST	VALUE
		Extension 2022				CREATION

& lease extension until 2032

on the whole 97,000 m² campus

FY2019

Milan - Principe Amedeo

PORTFOLIO /OUR STRATEGY LEADS TO STRONG VALUE GROWTH

PORTFOLIO
100%	2019
€24.0
BN

	LIKE-FOR-LIKE
	VALUE
	+5.3%
PORTFOLIO
GROUP SHARE
€15.7 BN	OF WHICH +16%

	ON DEVELOPMENT

PROJECTS

LIKE-FOR-LIKE VALUE GROWTH

		Paris	+7.2%
FRANCE OFFICES	+4.6%	First Ring, Western Crescent	+2.9%
& La Défense

		Major Regional cities	+6.6%

ITALY OFFICES	+0.8%	Milan	+3.0%
Rest of Italy	-4.3%


		Berlin	+11.1%
GERMAN RESIDENTIAL	+11.0%	Hamburg	+12.8%
Dresden & Leipzig	+14.0%

		NRW	+9.3%

		Paris	+7.0%
HOTELS IN EUROPE	+5.5%	Berlin	+5.9%
Madrid	+5.4%

		United Kingdom	0%

FY2019

DELEVERAGING ACHIEVED WITH LTV TARGET <40%

45,4%

44,6%

42,0%

40,4%

LTV policy <40%

since end-2018

38.3%

-3.7 pts vs end-2018

2015

2016

2017

2018

2019

6.1 YEAR DEBT MATURITY

1.55% COST OF DEBT

DELEVERAGING & IMPROVING THE QUALITY OF THE PORTFOLIO

…THANKS TO SCRIP DIVIDEND & ASSET ROTATION…

€0.3 m	€1.0 bn	€0.8 bn
capital increase	Group share	Group share
through dividend	disposals	investments
in shares	realized	realized in 2019
	in 2019

…LEADING TO S&P RATING UPGRADE

IN APRIL 2019 TO BBB+

FY2019	See appendix page 87 for more details	23

EPRA NAV GROWTH OF +6.1% IN €/SHARE

EPRA NAV	€105.8 /	€9,256
	share1	m

EPRA NNNAV	€ 95.7 /	€8,375
	share1	m

VS END-2018	+6.1%	+11.6%	VS END-2018	+4.4%	+9.8%

€105.8

/share

€99.7

/share

+€0.4

+ €5.3

- €4.6

- €1.0

+ €7.2

- €1.2

/share

EPRA Earnings

Dividend

Capital increase

Property value

Debt

Others

increase

management

EPRA NAV

End-2018

End-2019

FY2019

1Diluted number of shares at end-2019: 87,499,953 24

GROWTH OF +4.4% IN EPRA EARNINGS PER SHARE

OUTPERFORMING GUIDANCE (>3%) WHILE DELEVERAGING

PIPELINE

Deliveries

property development activity

ACQUISITIONS

DELEVERAGING

€million - Group share		2018		2019		Change	Change
			€m	%

Net rental income

539.0		591.5	+52.5	+9.7%
EBITDA from hotel operating activities & coworking	30.5		34.3	+3.8	+12.6%

Income from other activities (incl. property development)	5.1		25.0	+19.8		n.a

Net revenue	574.6		650.7		+76.1	+13.2%

Net operating costs		-76.9		-76.6		+0.3	-0.4%
Depreciations & Amortizations		-7.9		-16.8		-8.9	n.a

Operating income	489.8		557.3		+67.5	+13.8%

Cost of net financial debt	-108.3		-109.7	-1.4	+1.3%
Other financial charges	-0.4		-2.5	-2.2		n.a
Share in earnings of affiliates	10.7		14.9	+4.2	+39.3%
Corporate income tax	-10.6		-7.8	+2.7	-26.4%

DISPOSALS

EPRA EARNINGS	381.3	452.2		+70.8	+18.6%


Average number of shares	75,040,604		85,236,197

EPRA EARNINGS (€/share)	5.08	5.31		+0.23	+4.4%

FY2019

Paris - Jemmapes

ACCRETIVE ACQUISITIONS /8 EMBLEMATIC HOTELS IN EUROPE

HOTELS IN LEASE IN MAJOR CITIES WITH 1,115 ROOMS

€573 million1€248 m Group share

PALAZZO NAIADI

Rome

PALAZZO GADDI

Florence

HOTEL DEI DOGI

Venice

HOTEL BELLINI

Venice

Closing Q2 2020

15 years lease

duration

238 rooms / 5*

86 rooms / 4*

64 rooms / 5*

100 rooms / 4*

Triple net lease

contracts2

with NH Hotels

HOTEL PLAZA

Nice

HOTEL CARLO IV

Prague

NY PALACE HOTEL

Budapest

NY RESIDENCE

Budapest

Minimum

guaranteed rent

of 4.7%

Target yield

of 5.8%

152 rooms / 5*

185 rooms / 5*

138 rooms / 5*

with variable

component

FY2019	1Including €86 m of capex to be realized	27
	2Except on the hotel in Nice

COVIVIO HOTEL PORTFOLIO /A UNIQUE & NON-REPLICABLE PORTFOLIO

87% IN MAJOR EUROPEAN CITIES1

PORTFOLIO2
€7.1 BN		Edinburgh

€2.8 bn	YIELD		Amsterdam
Group share	Dublin
	5.2%
			Warsaw

		London		Berlin
		Lille	Brussels	Krakow
				Prague
		Paris		Munich

OCCUPANCY				Budapest

100%		Lyon	Venice

WALT

14years		Nice	Florence


		Barcelona	Rome
	Madrid

WELL-POSITIONED DIVERSIFIED PORTFOLIO

75%		18

upscale		hotels
& midscale hotels		operators

Germany 25%

UK 14%

%	Spain 11%
revenue2

France 30%	Belgium
	& Netherlands 9%
	Italy
Other 6%	5%

Central locations = High barriers to entry = Scarcity value & stronger bargaining power with operators

FY2019	1Cities with >2 million overnight stay per year	28
	2At-end 2019, proforma of the acquisition to be realized in Q2 2020

€8 BN PIPELINE TO FUEL FUTURE REVENUE & VALUE GROWTH

FOCUS ON MANAGED PIPELINE

€8.0 bn

€6.6 bn group share

€5.8 bn

Managed

€4.8 bn Group share

Greater Paris

€2.5 bn

Offices	Mixed-use

	80%	65%	25%

Milan		Berlin	Residential
	10%
€0.5 bn		€1.8 bn

& €1.0 bn

Committed

€2.3 bn

€1.8 bn Group share

in major European cities

(Bordeaux, Lyon, Dresden, etc.)

>30%

target value creation

FY2019	See appendix page61-62for more details	29

GREATER PARIS MANAGED PIPELINE /MAINLY PARIS INNER CITY

352,000

m²

€2.5 bn

total cost

50%

in Paris

inner-city

Redevelopments
20xxYear of end of lease	Saint Denis Pleyel

Land Banks	Saint Ouen

Selective acquisition	Victor Hugo

	CAP 18
	Levallois Pereire
	2023

Carnot	Laborde	Jemmapes
2021		2022
2020	Provence

Rueil Lesseps	Anjou	2022
2021-2022
	2021		Voltaire

			2024

Paris CBD

Keller

2022

Raspail

2022

Boulogne Molitor

2022

Bobillot

2022

Velizy / Meudon

SHORT TERM PROJECTS

PARIS CBD

CARNOT PARIS 17th11,200 m²

ANJOU PARIS 8th	10,100 m²

LABORDE PARIS 8th6,200m²

FY2019

TARGET: €600 M GROUP SHARE OF DELIVERIES PER YEAR

€2.3 BN	€2.0 BN	€1.3 BN	€2.5 BN
€1.8 GROUP SHARE	€1.7 BN GROUP SHARE	€1.2 BN GROUP SHARE	€1.9 BN GROUP SHARE
COMMITTED	SHORT-TERM	MEDIUM-TERM	LONGER-TERM
PROJECTS	PROJECTS	PROJECTS	PROJECTS

TODAY		2020-2021			2022-2023	2024 & BEYOND
	ESTIMATED LAUNCH
	Mainly Paris CBD	Mainly redevelopments	Mainly land banks in
		& Berlin	in Paris inner city	Paris & Berlin

~€600OF DELIVERIES PER YEAR

MILLION GROUP SHARE ON AVERAGE

OF WHICH €400 MILLION IN FRANCE OFFICES

€8.0 BN

(€6.6 BN GROUP SHARE)

PIPELINE

FY2019

TAKEOVER OF A €1.2 BN GERMAN OFFICE PORTFOLIO

THROUGH THE LISTED COMPANY GODEWIND IMMOBILIEN

HERZOG TERASSEN

Dusseldorf 55,150 m²

Portfolio of 10 office assets (290,000 m²) & 1 development project (15,500 m²)

Frankfurt

Dusseldorf

Hamburg

Munich

CITY GATE

Frankfurt

22,190 m²

A quality portfolio with secured cash-flows & growth potential

	4.7% yield	>10% rent	>30% margin
7-year WALT	fully let
reversion	on development
	(4.3% immediate)

FY2019

A LOGICAL STEP

ESTABLISHED

LOCAL

PRESENCE

SINCE 2005

Established platform(residential and hotels) with teams of 570 people on the ground

Established partnershipswith local administrations, market & business partners

STRATEGIC OBJECTIVE TO ACCELERATE INVESTMENTS

IN GERMAN OFFICES

Existing teamsfor Asset management et Property management

Development teamin Germany since 2017

Already €280 m of offices and ~€600 m1office development pipeline mainly in Berlin

FY2019

1Total development cost 34

GERMAN OFFICES MARKET /WELL-ORIENTED TRENDS

TOP 7 CITIES OFFICE MARKET: BERLIN, FRANKFURT, HAMBURG, DUSSELDORF, MUNICH, COLOGNE, STUTTGART

In millions m²

DEMAND EXCEEDS THE OFFER						RENTS KEEP ON INCREASING
7,0

																Forecast
6,0															2020
														~+4%
								+6%
5,0
							per year
				Take-up				JLL prime rent index

4,0										(aggregate top 7 cities)		+5%


								-16%					per year
3,0			Immediate supply
					per year

2,0

2014	2015	2016	2017	2018	2019	2014	2015	2016	2017	2018	2019	2020
															(JLL forecast)

Next 2 years supply

only 1.1 year of take-up1

FY2019	1Average take-up2017-2019 vs Immediate supply + available surface under construction	35
	Sources: Colliers, JLL

SOUND FUNDAMENTALS IN OUR CITIES

	FRANKFURT	DÜSSELDORF	HAMBURG	MUNICH	BERLIN

Covivio office exposure	€486 m	€339 m	€291 m	€99 m	~€900 m
post acquisition & deliveries	Existing assets & projects


	€1.2 bn portfolio

Take-up 2019

Vacancyat end-2109

Next 2 years supply

in years of take-up1

1,000

m²)	800
thousands(in
600

Take-up	400
200

550,500 m²	475,000 m²		534,400 m²		771,400 m²	1,030,000 m²
5.5%		5.8%	3.0%	2.3%	1.8%

1.7 year		1.1 year		0.9 year		0.9 year	1.2 year

	2019
2010

Frankfurt

Dusseldorf

Hamburg

Munich

Berlin

STRATEGIC

INTEREST

FOR COVIVIO

Exposure to
the main German office markets
Big 5 German citiesare resilient markets with steadytake-up
Supply under control

FY2019

1Average take-up2017-2019 vs Immediate supply + available surface under construction	36
Sources: Colliers, JLL

ACQUISITION OF A QUALITY PORTFOLIO

A SECURED PORTFOLIO

WITH SIGNIFICANT GROWTH DRIVERS

office assets

290,000 m²

€1.2 bn

acquisition price

€4,184/m²

~8%		>10%	15,500 m²
vacancy		reversion potential	development	Hamburg	Dusseldorf
	24%
				28%

				in value
			Frankfurt	Munich
4.7%
	>5.0%
	40%	8%
yield fully let		yield	>30%
& 4.3%		including reversion	target margin
immediate yield		potential

FY2019

10 QUALITY ASSETS IN TOP GERMAN CITIES

	FRANKFURT	DUSSELDORF
	118,000 m²	68,250 m²

COMCON CENTER		CITY GATE	HERZOG TERASSEN
16,260 m²		22,190 m²	55,150 m²

HAMBURG

69,000 m²

ZEUGHAUS

43,520 m²

MUNICH

35,500 m²

EIGHT DORNACH

17,600 m²

FRANKFURT AIRPORT CENTER	Y2	AIRPORT BUSINESS CENTER
48,440 m²	30,900 m²	13,100 m²

PENTAHOF	SUNSQUARE
25,350 m²	17,900 m²
	& 15,500 m² development
	potential on adjacent land bank

FY2019

FRANKFURT ASSETS: 40% OF THE PORTFOLIO

1	COMCON CENTER

	16,260 m²

Market data

550,500 m²take-up
5.5% vacancy

5% vacancy		13€/m²
	current rent


		16% reversion
		potential

30,900 m²

10% vacancy		13€/m²
	current rent

9% reversion

potential

CITY GATE

22,190 m²

4FRANKFURT AIRPORT CENTER

48,440 m²

	4


		12% vacancy		16€/m²
			current rent

FY2019
			22% reversion
				potential

5% vacancy		21€/m²
	current rent
		39


		13% reversion
		potential

DÜSSELDORF ASSETS: 28% OF THE PORTFOLIO

Market data

HERZOG TERASSEN

55,150 m²

475,000 m²take-up
5.8% vacancy

5% vacancy

21€/m²

current rent

7% reversion

potential

AIRPORT BUSINESS CENTER

13,100 m²

5% vacancy

15€/m²

current rent

6% reversion

potential

FY2019

HAMBURG ASSETS: 24% OF THE PORTFOLIO

Market data	1

534,400 m²take-up
3% vacancy

ZEUGHAUS

43,520 m²

5% vacancy

17€/m²

current rent

13% reversion

potential

PENTAHOF

25,350 m²

0% vacancy

10€/m²

current rent

11% reversion

potential

FY2019

MUNICH ASSETS: 8% OF THE PORTFOLIO

Market data	1

771,400 m²take-up
2.3% vacancy

EIGHT DORNACH

17,600 m²

28% vacancy

12€/m²

current rent

14% reversion

potential

SUNSQUARE

17,900 m²

Development

potential

33% vacancy		13€/m²	15,500 m² development potential
	current rent

FY2019

KEY TERMS OF THE OFFER ON GODEWIND IMMOBILIEN

Friendly & Secured

Transaction

Financial Terms

Contemplated

Timeline

Approx. 35% of fully diluted Godewind Immobilien share capital securedvia SPAs and treasury shares
- SPA closing subject toanti-trust clearance (expected prior to start of acceptance period)
Cash voluntary public takeover offer by Coviviofor all shares in Godewind
- Covivio's intent that takeover offer qualifies as delisting offer
- Commitment from Godewind management to file a delisting application
No acceptance threshold or other closing conditions intended
Business combination agreement governing inter alia future strategy, offer process and governance of Godewind
Offer is welcomed and supported by Godewind Management and Supervisory Board
Compelling and immediate offer value: €6.40 per share
- +15% premium vs. spot share price as of February 13th 2020 close & +33% vs. 3 months VWAP
- +4.9% premium vs. estimatedDec-19E EPRA NAV per share1
13 February 2020:Signing transaction documents, announcement
March 2020:Anticipated SPA closing & commencement of the acceptance period of takeover offer
April / May 2020:(Additional) acceptance period and closing of the takeover; delisting

FY2019

1Mid-point of the range communicated by Godewind Immobilien 43

CREATING A GERMAN OFFICES PLATFORM OF €2.1 BN OF ASSETS & PROJECTS

France Offices	Italy Offices
34%	18%

Hamburg

14%

€1.5 BN

of existing assets

26 offices on 367,000 m²

Valuation ~€4,100/m²

Dusseldorf

Berlin

	In Group Share	Germany

Proforma of Hotels	Offices
	acquisition &	9%
	Godewind offer

Hotels	Germany
15%	Residential

23%

16% 38%

Frankfurt

23%

Munich

Existing assets

Developments

x%Weight post-deliveries (at 100%)

4.7%potential yield

& >5.5%incl. reversion potential

~€0.6 BN

of development projects

4 projects on ~100,000 m²at 90% in Berlin including 80,000 m² to be committed in 2020

5% to 6% target yield

& >35%target value creation

FY2019

EXPANDING DEVELOPMENTS IN GERMANY /~100,000 M² OF NEW OFFICES

60,000 m² mixed-use project		35,700 m² of development secured
in Berlin Alexanderplatz		in Berlin & Munich

Offices / Residential / Retail

~€500 m total cost

>5% target yield on cost

2019	2020	2024	Beyond
Pre-building permit	Expected obtention	Delivery	Additional
obtained	of the building permit		70,000 m²
& launch			building

of the preparatory
construction works

Including two projects to be committed in 2020 in Berlin:

~82 m total cost on Berlin projects

6% target yield on cost

Schönberg project	Reinickendrof	Pankow

12,560 m²
~€57 m cost			Lichtenberg
	Spandau
		Mitte	Marzahn-

			Hellersdorf
Aldershöf project			Friedrischshain-

		Kreuzberg
7,645 m²	Charlottenburg
~€25 m cost	-Wilmersdorf

		Temperlhof-	Treptow-
	Steglitz-ZehlendrofSchönebergNeukölln Köpenick

FY2019

Berlin - Alexanderplatz

2020 /PURSUE THE SUCCESS OF THE BUSINESS MODEL

2019 GUIDANCE OUTPERFORMED

EPRA Earnings / share +4.4%	Growing dividend
vs guidance >+3%	Payout ratio ~90%

ON TRACK TO PURSUE THE MOMENTUM IN 2020

Accretive investments(acquisitions & capex) already secured

Pursue an active disposalpolicy

Maintain disciplined LTV policy <40 %

DIVIDEND PER SHARE	€4.80 /
		share
4,60	+4%
4,50
4,40
4,30

2015	2019

Offering a payment option of the dividend in shares

49%		€200-€420 m

of the share capital		capital increase
already committed
Delfin, Predica, Covea,
ACM

FY2019

2020 /GROUNDWORK FOR A SOLID AND SUSTAINABLE GROWTH

MAINTAINING EARNINGS GROWTH WHILE REACHING CRUISE RHYTHM OF DELIVERIES

GOOD OPERATING PERFORMANCE SET TO CONTINUE

2020

EPRA EARNINGS GUIDANCE

FULL-YEAR EFFECT OF DELEVERAGING & PIPELINE INCREASE

>5.40€ / share

FY2019

KEY UPCOMING

EVENTS

SHAREHOLDER'S MEETING: 22 April 2019

Q1 ACTIVITY:

22 April 2019

H1 RESULTS:

22 July 2019

FY2019	49

Hotel - Carlos IV Prague

APPENDIX CONTENTS

1.COVIVIO'S ESG STRATEGY	52

2.DEVELOPMENT PIPELINE AT END-2019	57

3.MARKETS	71

4.2019 INVESTMENTS & DISPOSALS	76

5.KEY PERFORMANCE INDICATORS	81

6.DEBT PROFILE	86

7.PORTFOLIO BREAKDOWN	88

FY2019	51

ESG STRATEGY

FY2019	52

OWNING & DEVELOPINGSUSTAINABLE BUILDINGS IN ASUSTAINABLE CITY…

GREENER ASSETS

	84%	100%
	at end-2019

with	in German residential	Target 2025
First operator to obtain 100% of assets certified
	"HQE in Operation"

CLOSE TO PUBLIC	96%	100%

TRANSPORT	<5' walk from public transports	Target 2025
	+2 ptsvs end-2018

SUPPORTING	230,000 m²	Target
100%
BIOVERSITY	of offices with a Biodivercity label1	of new office
		development projects
		with Green areas

FY2019

1Already labelled or aiming at the Biodivercity label of equivalent (like Eco-jardin)53

…TO GENERATELESS CARBON &MORE WELL BEING

LESS CARBON

in line with the <2° trajectory of the Paris agreement

Target -1/3

carbon weight / m² over 2010 - 2030

Covering all activitiesin Europe

Covering the whole life cycle(construction + refurbishment + operation)

Coveringall emissions scopes (1, 2 & 3)

Without carbon offsetting or green electricity

MORE	Target 100%
SERVICES	of office & residential buildings
with a service offer by 2025

Success of our flex-workspaceoffer
►99%occupancy rate
Offer a digitaljourney to our clients
►Deployment of our Office service app started in 2020
►Residential app available to 100% of tenants since June	Covivio#home
with already 4,000 users

MORE	Target 100%
WELL-BEING	of our new office development
projects with a well-being certification

FY2019

EMITTING LESS CARBON THROUGH LESS ENERGY CONSUMPTION

FRANCE	ITALY	HOTELS	GERMAN
OFFICES	OFFICES	IN EUROPE	RESIDENTIAL

TARGET	-40%	-15%	-40%	-15%
(primary energy consumption
measured in kWhpe/m²/year)	over 2008-2020	over 2015-2020	over 2008-2020	over 2017-2025

ACHIEVEMENTS
VS TARGET	-32%	-58%	-53%	-12%
AT END-20181		✓	✓

Calculations are made by the CSTB and verified by EY in compliance with the EPRA BPRs

FY2019

1Consumption data for 2019 will be available in the Universal Reference Documents published in March 55

AN AWARDED CSR STRATEGY

Indices

FTSE4Good	DJSI	Euronext Vigeo Eiris	Euronext	STOXX	Ethibel
2019 Grade: 4.4/5	2019 Grade: 68/100	2019 Sector Leader	Included in the indices	Included in the STOXX Europe	Sustainability Index Europe
Included since 2011	(vs 62/100 in 2018)	Included since 2013 in the	Euronext CDP Environment	Sustainability, Global ESG	Included since 2013
Financial Times Stock	DJSI World Index since 2013	indexes :	Eurozone & France since	Impact, Governance,
Exchange SD Index	DJSI Europe Index since 2016	France 20 / Europe 120 /	its beginning	Environment, Social,
		Eurozone 120 / World 120		Global Climate Change
				Leaders

Studies & rating agencies

ISS ESG	GRESB	CDP	Vigeo Eiris	Gaïa Rating	Ecovadis	MSCI
2019 Grade: C+	2019 Grade: 80/100	2019 Grade: A-	Corporate Rating	2019 Grade: 90	2019 Grade: 81/100	2019 Grade: AA
(vs C in 2018)	(vs 86/100 (France offices)	(vs A en 2018)	2019 Grade: A1+	(vs. 87 in 2017)	(vs. 78 in 2018)	(vs. AA in 2018)
Top 5% of the sector	in 2018)		(1stevaluation)	In the Gaïa Index since	Gold Level
Prime Universe	Green Star since 2012	Carbon targets SBTi	Sectorial Rank: 1/84	2013	Top 5%
since 2015	Europe - Diversified: 2nd/8	approved	Europe Rank: 7/1611	Gaïa Universe: 2th/230
			Global Rank: 7/4869

FY2019

COMMITTED & MANAGED

PIPELINE

FY2019	57

COMMITTED PIPELINE AT END-2019 /€2.3 BILLION AT 100% (1/3)

€1.8 BN GROUP SHARE

	Surface 1	Pre-leased	Total	Total		Capex to be
Synthesis of Committed projects	Budget 2	Budget 2	Target Yield 3	invested
(m²)	(%)
	(€M, 100%)	(€M, Group share)		(€M, Group share)


France Offices	256,940 m²	48%	1,633	1,258	5.9%	540
Italy Offices	87,830 m²	62%	400	400	6.4%	125
German Residential	58,300 m²	n.a	211	135	4.7%	80
Hotels in Europe	108 rooms	100%	8	2	6.0%

Total	403,070 m² & 108 rooms	54%	2,251	1,794	5.9%	746

1Surface at 100%, 2Including land and financial costs, 3Yield on total rents including car parks, restaurants, etc

FY2019	1Surface at 100%	58
2Including land and financial costs
Back to page 19	3Yield on total rents including car parks, restaurants, etc

COMMITTED PIPELINE AT END-2019 /€2.3 BILLION AT 100% (2/3)

€1.8 BN GROUP SHARE

			Surface¹		Target rent	Pre-leased	Total	Total		Capex to be
Committed projects	Location	Project	Delivery	Budget²	Budget ²	Target Yield³	invested
(m²)	(€/m²/year)	(%)
				(€M, 100%) (€M, Group share)		(€M, Group share)


Meudon Ducasse	Meudon - Greater Paris	Construction	5,100 m²	2020	260	100%	22	22	6.4%	8
Belaïa (50% share)	Orly - Greater Paris	Construction	22,600 m²	2020	198	48%	65	33	>7%	13

IRO	Châtillon - Greater Paris	Construction	25,070 m²	2020	325	20%	139	139	6.3%	46
Flow	Montrouge - Greater Paris	Construction	23,500 m²	2020	327	100%	115	115	6.6%	48

Gobelins	Paris 5th	Regeneration	4,360 m²	2020	510	100%	50	50	4.3%	16

Total deliveries 2020			80,630 m²			63%	391	359	6.2%	130

Silex II (50% share)	Lyon	Regeneration-	30,900 m²	2021	312	53%	164	85	5.8%	34
extension

Montpellier Bâtiment de services	Montpellier	Construction	6,300 m²	2021	224	8%	21	21	6.7%	14

Montpellier Orange	Montpellier	Construction	16,500 m²	2021	165	100%	49	49	6.7%	37

Jean Goujon	Paris 8th	Regeneration	8,460 m²	2021	820	100%	189	189	n.a	41
Paris So Pop (50% Share)	Paris 17th	Regeneration	31,000 m²	2021	>400	0%	214	112	6.1%	57

Total deliveries 2021			93,160 m²			55%	636	456	6.2%	182

N2 (50% share)	Paris 17th	Construction	15,900 m²	2022	575	34%	156	85	4.2%	45
Bordeaux Jardins de l'Ars	Bordeaux	Construction	19,200 m²	2022	220	0%	72	72	6.1%	62
DS Extension 2023 (50% share)	Vélizy - Greater Paris	Construction	27,550 m²	2022	325	100%	162	71	7.2%	61

Levallois Alis	Levallois - Greater Paris	Regeneration	20,500 m²	2022	>500	0%	215	215	5.0%	61

Total deliveries 2022			83,150 m²			26%	606	443	5.4%	228

Total France Offices			256,940 m²			48%	1,633	1,258	5.9%	540

1Surface at 100%

FY20192Including land and financial costs 593Yield on total rents including car parks, restaurants, etc

COMMITTED PIPELINE AT END-2019 /€2.3 BILLION AT 100% (3/3)

€1.8 BN GROUP SHARE

			Surface¹		Target rent	Pre-leased	Total	Total	Target	Capex to be
Committed projects	Location	Project	Delivery	Budget²	Budget ²	invested
(m²)	(€/m²/year)	(%)	Yield³
				(€M, 100%)	(€M, Group share)	(€M, Group share)


Ferrucci	Turin	Regeneration	13,730 m²	2020	130	23%	33	33	5.4%	2

The Sign	Milan	Construction	26,200 m²	2020	285	98%	106	106	7.3%	20

Symbiosis School	Milan	Construction	7,900 m²	2020	225	99%	22	22	7.5%	11

Dante 7	Milan	Regeneration	4,700 m²	2020	560	100%	57	57	4.5%	5
Duca d'Aosta	Milan	Regeneration	2,500 m²	2020	n.a	100%	12	12	9.0%	2

Total deliveries 2020			55,030 m²			90%	230	230	6.4%	40

Symbiosis D	Milan	Construction	18,600 m²	2021	315	35%	85	85	7.0%	44

Unione	Milan	Regeneration	4,200 m²	2021	480	0%	43	43	5.2%	7

Reinventing Cities	Milan	Regeneration	10,000 m²	2022	315	18%	42	42	6.5%	34

Total 2021 deliveries and beyond			32,800 m²			23%	170	170	6.4%	86

Total Italy Offices			87,830 m²			62%	400	400	6.4%	125

German residential - deliveries in 2020	Berlin	Construction	12,400 m²		n.a	n.a	43	27	4.9%	7

German residential - deliveries 2021 and	Berlin	Construction	45,900 m²		n.a	n.a	168	108	4.7%	74
beyond


Total German Residential			58,300 m²			n.a	211	135	4.7%	80

B&B Bagnolet (50% shares)	Greater Paris	Construction	108 rooms	2020	n.a	100%	8	2	6.0%

Total Hotels in Europe			108 rooms			100%	8	2	6.0%

1Surface at 100%

FY20192Including land and financial costs 603Yield on total rents including car parks, restaurants, etc

MANAGED PIPELINE AT END-2019 /€5.8 BILLION AT 100% (1/2)

€4.8 BN GROUP SHARE

	Projects	Location	Project	Surface 1	Commitment
	(m²)	timeframe


	Laborde	Paris CBD	Regeneration	6,200 m²	2020-2021

	Carnot	Paris CBD	Regeneration	11,200 m²	2020-2021

	Anjou	Paris CBD	Regeneration	10,100 m²	2020-2021
	Opale	Meudon - Greater Paris	Construction	37,200 m²	2020-2021
	Villeneuve d'Ascq Flers	Lille	Construction	22,100 m²	2020-2021
	Cité Numérique - Terres Neuves	Bordeaux	Construction	9,800 m²	2020-2021
	Sub-totalshort-term projects			96,600 m²
	Provence	Paris	Regeneration	7,500 m²	2022-2023
	Voltaire	Paris	Regeneration	14,000 m²	2022-2023
	Keller	Paris	Regeneration	3,400 m²	2022-2023
	Bobillot	Paris	Regeneration	3,700 m²	2022-2023

Offices	Raspail	Paris	Regeneration	7,100 m²	2022-2023
Jemmapes	Paris	Regeneration	11,600 m²	2022-2023

	Levallois Pereire	Levallois - Greater Paris	Regeneration	10,000 m²	2022-2023
France	Boulogne Molitor	Boulogne - Greater Paris	Regeneration	4,400 m²	2022-2023
Rueil Lesseps	Rueil-Malmaison - Greater Paris	Regeneration - Extension	41,700 m²	2022-2023
Campus New Vélizy extension (50% share)	Vélizy - Greater Paris	Construction	14,000 m²	2022-2023
	Sub-totalmid-term projects			117,400 m²
	Cap 18	Paris	Construction	90,000 m²	>2024
	St Denis Pleyel	Saint Denis - Greater Paris	Regeneration	14,400 m²	>2024
	Saint Ouen Victor Hugo	Saint Ouen - Greater Paris	Regeneration	36,600 m²	>2024

	Dassault Campus extension 3 (50% share)	Vélizy - Greater Paris	Construction	29,000 m²	>2024
	Silex 3	Lyon	Construction	5,900 m²	>2024
	Lyon Ibis Part-Dieu - Bureaux (43% share)	Lyon	Regeneration	50,000 m²	>2024

	Montpellier Pompignane	Montpellier	Construction	72,300 m²	>2024
	Toulouse Marquette	Toulouse	Regeneration	7,500 m²	>2024
	Sub-totallong-term projects			215,700 m²
	Total France Offices			429,700 m²

	FY2019	Back to page 29		1Surfaces at 100%	61

MANAGED PIPELINE AT END-2019 /€5.8 BILLION AT 100% (2/2)

€4.8 BN GROUP SHARE

Italy offices

Projects

The Sign - building D Corso Italia

Symbiosis (other buildings)

Total Italy Offices

Location	Project	Surface 1	Commitment
(m²)	Timeframe

Milan	Construction	11,400 m²	2020
Milan	Refurbishment	12,200 m²	2020
Milan	Construction	77,500 m²	2020-2021

		101,100 m²

Mixed-use

Alexanderplatz - 1st tower	Berlin	Construction	60,000 m²	2020

Alexanderplatz - 2nd tower	Berlin	Construction	70,000 m²	>2024

Additonal constructabilty (Hotels portfolio)	France, UK, Germany	Construction	50,000 m²	>2024

Mixed-Use			180,000 m²

German Offices	Berlin	Construction	20,200 m²	2020-2021

German Residential	Berlin	Extensions & Constructions	188,000 m²	2020 & beyond

FY2019

DEVELOPMENT PIPELINE /SUSTAINABLE SOURCE OF RENTAL GROWTH

RENTAL INCOME IN THE YEAR AFTER DELIVERY

	FROM 2020 to 2023	& BEYOND
			~+€53 M
	~+€37 M		~€30MILLION
		~+€32 M	Group share
	75%		PER YEAR
		ON AVERAGE
~+€8 M
	56%
Group share
Projects
already			11%
delivered in
2019
2020	2021	2022	2023

% already secured through pre-lettings

Committed projects

Managed projects

FY2019

2020 /RECORD YEAR WITH €663 M OF DELIVERIES (€616 M GROUP SHARE)

10 OFFICES (135,700 m²)/173 RESIDENTIAL UNITS (12,400 m²)/1 HOTEL (108 rooms)

Flow	IRO	Belaïa	Gobelins	The Sign
MONTROUGE	CHATILLON	ORLY	PARIS	MILAN
23,500 m² / €115 m	25,100 m² / €139 m	22,600 m² / €33 m1	4,360 m² / €50 m	26,200 m² / €106 m

Symbiosis School	Via Dante	Duca D'Aosta	Corso Ferrucci
MILAN	MILAN	MILAN	TURIN	BERLIN RESIDENTIAL
7,900 m² / €22 m	4,700 m² / €57 m	2,500 m² / €12 m	13,700 m² / €33 m	12,400 m² / €27 m1

6.3%

YIELD ON COST

75%

PRE-LET

>30%

TARGET

VALUE CREATION

FY2019

1In Group share 64

2Total project of 39,400 m² with 26,000 m² already delivered & let

PARIS SO POP /IN A GROWING AND ATTRACTIVE BUSINESS DISTRICT

THE BUSINESS DISTRICT PARIS 17THNORTH / CLICHY /ST-OUENIS UNDER FULL URBAN REGENERATION AROUND THE LINE 14 OF THE GRAND PARIS

N2 project

15,900 m² mixed-use

Committed with delivery in 2022

New Paris courthouse

SO POP - 31,000 m²

€214 mtotal cost

shared at 50%

6.1% yield on cost

Delivery 2021

MARKET

Paris 17 North-Clichy-St Ouen

Office stock

1.2 million m²

Annual take-up1

124,000 m²

50% on new space

New space available

under construction until 2022

60,000 m² per year

FY2019	1Average 2017-2019	65
	Source: CBRE, Crane Survey

LEVALLOIS ALIS /A HISTORIC BUSINESS DISTRICT WITH SCARCITY OF NEW SPACE

ALIS - 20,500 m²

€215 mtotal cost

5.0% yield on cost

Delivery 2022

MARKET

Office stock

950,000 m²

Annual take-up1

82,000 m²

31% on new space

New space available

under construction until 2022

15,000 m² per year

1Average 2017-201966

Source: CBRE, Crane Survey

IRO & FLOW /TWO SMART & ATTRACTIVE DEVELOPMENTS

MALAKOFF-MONTROUGE-CHATILLON BUSINESS DISTRICT

FLOW - 23,500 m²

€115 m total cost

6.6% yield on cost

100% pre-let to EDF

IRO - 25,070 m²

€139 m total cost

6.3% yield on cost

20% pre-let

MARKET

Office stock

~1 million m²

Take-up1

97,000 m²

New space available under

construction until 2022

Only IRO

FY2019	1Average 2017-2019	67
	Source: CBRE, Crane Survey

SILEX 2 /PRIME LOCATION IN LYON CBD

Lyon Part-Dieu business district

Tramway

30 min to airport

Metro & Tramway

Infrastructure under renovation or construction	Office deliveries 2020 -Silex 2	Office deliveries 2022 & later

(train station, residential, shopping mall)

SILEX 2 - 30,900 m²

€164 mtotal cost

shared at 50%

5.8% yield on cost

53% pre-let

MARKET

Office Stock

>1 million m²

New space available under

construction until 2022

Only Silex2

FY2019

Source: JLL 68

MILAN SYMBIOSIS/GROWING & SUCCESSFUL BUSINESS DISTRICT

~135,000 m² of existing & potential offices

	School
	G+H
	F
	D
A+B	C+E
Vitae

Symbiosis A&B

Delivered in 2018	20,500 m²
100% let
to Fastweb



Symbiosis School

Delivery in 2020	7,900 m²
100% pre-let
to ICS International school

Symbiosis D

Delivery in 2021	18,600 m²
35% pre-let
to Boehringer Ingelheim


Vitae

Delivery in 2022	10,000 m²
18% pre-let
to Boehringer Ingelheim


Managed projects

(C+F+G+H)	77,500 m²
Expected launch in 2020
& 2021

FY2019

EXPANDING DEVELOPMENT PIPELINE IN GERMANY /BERLIN RESIDENTIAL

€850 million pipeline	of which €211 million
(€548 bn Group share)	already committed
	€3,440 /m²
3,150 units on 250,000 m²
development cost


>40% target margin	Pipeline to let & to sell
	→Partnership with a broker "Best Place Living"
	→More focus on "Build-to-sell"

Berlin Mitte - Genter Str. 63

FY2019

MARKETS

FY2019	71

GREATER PARIS OFFICE MARKET /ALL INDICATORS ARE WELL-ORIENTED

Take-up	2,3 million m²
-10%vs 2018due to lack of offer
2019	In line with 10-year average

SUPPLY FOR THE NEXT 2 YEARS REPRESENTS

<1 YEAR OF TAKE-UP

Take-up on new space vsnew supply1

2,7 million m²

Western

First Ring

374 000 m²

516 000 m²

Paris

Crescent

497 000 m²

La Défense

Immediate

of which only 21% of new space

370 000 m²

offer

-8% vs 2018

Vacancy

4.9%

rate

-0.4 pt vs 2018

Greater Paris average

1,760,000 m² of supply

=0.8 years of take-up

Rents

Greater Paris to+5%vs 2018

on new

Paris

+4%

0,5

1,5

2,5

space

Western crescent

+5%

First ring

+3%

2 years of supply in years of take-up

FY2019

1Average take-up2017-2019

vs immediate new supply + available surface under construction

Sources: CBRE; Crane survey

MILAN OFFICE MARKET /ANOTHER STRONG YEAR IN 2019

	New record at
Take-up	476,000 m²
2019	+22% vs 2018

Immediate	1,1 million m²
of which only 23% of new space
offer
-5% vs 2018


Vacancy	8.9%-0.5 pt vs 2018
rate	of which 4.2%in Milan inner-city
	& semi-centre

Prime	+3% vs 2018
rent	to€600/m²

LACK OF NEW OFFER SET TO CONTINUE

			Decreasing availability				C&W forecast
400 000 m²		on new space

									Average 2020-2022
									>300,000 m²
300 000 m²
			Increasing take-up
			on new space
200 000 m²
									Average 2020-2022
									<200,000 m²
100 000 m²

20131	20142	20153	20164	20175	20186	20197	2020(f)8	2021(f)9	2022(f)10
600 €/m²						+5%
550 €/m²
					per year

			Growing prime rent
500 €/m²
450 €/m²

1	2	3	4	5	6	7
2013	2014	2015	2016	2017	2018	2019

FY2019

Sources : C&W, JLL

HOTELS EUROPEAN MARKET /SHOWING POSITIVE TRENDS & RESILIENCE

STEADY INCREASE IN REVPAR DRIVEN

BY TOURISTS ARRIVALS

EUROPE REVPAR

+2.7%in 2019

INTERNATIONAL TOURISTS ARRIVALS

+3.7%in 2019

…CONSISTENTLY OUTPACING

GDP GROWTH…

+230 bps

overperformance of Revpar growth

vs GDP growth, on average since 10 years

…WHILE THE EVOLUTION

OF HOTEL ROOMS REMAINS MUTED

5.9 million

hotel rooms in Europe,

with only ~60,000 new rooms to open in 2020

TOURISM TRENDS IN EUROPE

2009-2019 & forecast 2020; Basis 100 in 2009

					International tourists arrival					+4.6%	Forecast

														2020
					Revpar							annualized
160											+3-4%
											+3.8%

150					GDP growth

													annualized
140
130														+1.6%	Forecast

120													annualized	2020
															+1.2%

110
100

2009		2010	2011	2012	2013	2014	2015	2016	2017	2018	2019		2020(f)
																Forecast
						Number of hotel rooms : +1.2% annualized			2020
	5.3 m						5.7 m				5.9 m	+0.9%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020(f)

FY2019

Sources: UNTWO, Eurostat, Lodging Econometrics 74

FOCUS ON BERLIN RESIDENTIAL NEW REGULATION

Freeze of in place rent increase during 5 years (i.e. until 2025),
Possible increase from 2022, up to the level of inflation (about 1.3%) without exceeding the rent ceilings.
Rent ceilings can be increased by the Berlin Senate in line with real wages increase two years after the law is enacted.
Reversal of rent increases since 18 June 2019 back to the rent levels agreed as of that date, except for new leases signed since then.
Application of a rent cap, for reletting and current leases, defined according to the year of construction of the building and the equipment of the dwelling.
Excessive rent >120% of the rent ceiling to be reduced to the 120% level, adjusted for the quality of the location, probably applicable from the last quarter of 2020.
Increase in rents in case of energetic modernization or upgrading to accessibility standards for people with reduced mobility: +1 €/m²
Housings built after 2014, public housings and subsidized housings are excluded

UNCERTAINTY ON THE FINAL OUTCOME & NO SOLUTION TO THE HOUSING SHORTAGE

Legal uncertainties: federal vs state level issue; interference with the owners' property rights

Risk of increasing the	Limited risk outside Berlin	Next steps:local opposition
housing shortage		& federal governing parties
Lack of ~140,000 units in		to challenge the law as soon
Berlin2		as it is enacted

FY2019

INVESTMENTS

DISPOSALS

FY2019	76

2019 INVESTMENTS /€1.5 BILLION (€760 MILLION GROUP SHARE)

		Acquisitions 2019		Development capex 2019
		realised


(€ million Including Duties)	Acquisitions	Acquisitions	Yield	Capex	Capex
100%	Group share	Group share1	100%	Group share


France Offices	-	1	n.a.	330	242

Italy Offices	13	13	6.9%	78	78
Germany Offices	30	28	4.5%	93	93
Germany Residential	118	78	4.5%	83	57
Hotels in Europe	736	156	5.8%	29	13

Total	897	277	5.3%	614	483

1Target yield on acquisitions. Immediate yield of 4.4% overall

FY2019

2019 DISPOSALS /€1.2 BILLION (€1.0 BILLION GROUP SHARE)

		Disposals	Agreements	New	New		Margin vs		Total
		(agreements as	as of end	Total
(€ million)		disposals	agreements	2018	Yield	Realised
	of end of 2018	of 2018	2019
		2019	2019	value		Disposals
		closed)	to close

		1		2	3	= 2 + 3			= 1 + 2

France Offices	100 %	10	25	275	27	302	2.6%	4.6%	285

	Group share	10	25	319	30	349	2.3%	4.7%	329

Italy Offices	100 %		-	307	73	380	0.7%	5.6%	307

	Group share		-	306	71	377	0.8%	5.5%	306

Germany Residential	100%	26	3	82	9	91	38.2%	3.6%	108


	Group share	16	2	53	6	59	37.6%	3.6%	69

Hotels in Europe	100 %	283	-	162	133	295	20.4%	5.3%	445

	Group share	65	-	44	53	97	22.3%	5.3%	110

Non-strategic (France Resi.,	100 %	182	26	53	32	85	-27.4%	10.7%	236
Logistics, Retail in France)
Group share	182	26	39	30	70	-32.4%	12.4%	221


Total	100 %	501	53	879	273	1,152	4.9%	5.5%	1,380
	Group share	274	52	761	190	951	1.2%	5.6%	1,035

FY2019

ITALY DISPOSALS /VERY ACTIVE YEAR 2019 WITH €445 MILLION SOLD

Non-core offices outside Milan€87 m in Rome, Bologna, etc

4.4% net yield

at appraisal value

Mature offices in Milan

€291 m

Exit from non-strategicretail assets	9.0% yield

€67 mof disposals1	-35% margin

Higher-quality portfolio, more focused on Milan

€2.2 bn Offices

Group share, excl. Telecom Italia

Milan

90%

Non-core offices outside Milan 10%

(incl. one development in Turin)

€0.7 bn Telecom Italia offices

Group share

		100% occupancy
Milan	Outside	11 years firm maturity
22%	Milan

	78%	6.2% yield

FY2019

1Including secured disposal to be realized in 2020 79

B&B HOTELS /€228 M OF NEW DISPOSALS IN SECONDARY LOCATIONS

Disposal of two portfolios in secondary locations in France & Germany

45 hotels /3,162 rooms

€233 million

€ 72 million Group share

B&B Hotel - Kassel

4.7% exit yield

28% margin

FY2019

KEY PERFORMANCE

INDICATORS

FY2019	81

REVENUE 2019 /+2.6% LFL RENTAL GROWTH

		100%				Gro up share
			C hange			C hange	C hange	% o f
	2018	2019	2018	2019		(%)
( € millio n)	(%)	(%)		revenue
					LfL 1

F rance Offices	271.1	257 .3	- 5 .1%	242 .4	226 .4	- 6 .6%	+2 .6%	33%
P aris	90.3	86.1	-4.7%	85.3	80.6	-5.4%	+4.7%	12%
Greater Paris (excl. Paris)	133.0	128.3	-3.5%	109.6	104.4	-4.7%	+0.4%	15%
M ajor regional cities	29.9	27.6	-7.9%	29.7	26.1	-12.1%	+5.9%	4%
Other French Regions	17.9	15.3	-14.6%	17.9	15.3	-14.6%	+2.4%	2%
Italy Offices	190 .0	190 .3	+0 .2%	84 .6	147 .0	+73 .8%	+1.3%	22%
Offices - excl. Telecom Italia	95.7	102.0	+6.7%	55.6	102.0	+83.7%	+1.6%	15%
Offices - Telecom Italia	94.3	88.2	-6.4%	29.0	45.0	+55.0%	+0.8%	7%
German Offices	9 .8	11.3	+14 .8%	6 .3	7 .6	+21.2%	n.a .	1%
Berlin	7.7	9.4	+22.0%	5.1	6.4	+26.3%	n.a.	1%
Other cities	2.2	1.9	-10.5%	1.2	1.2	+0.4%	n.a.	0%
German R esidential	231.3	240 .5	+4 .0%	147 .6	154 .3	+4 .6%	+4 .3%	23%
Berlin	109.0	117.7	+8.0%	69.8	76.1	+9.1%	+4.6%	11%
Dresden & Leipzig	23.0	24.3	+5.7%	14.7	15.5	+5.8%	+3.8%	2%
Hamburg	15.6	15.9	+1.8%	10.4	10.4	-0.1%	+2.5%	2%
North Rhine-Westphalia	83.8	82.6	-1.4%	52.8	52.3	-0.9%	+4.5%	8%
H o tels in Euro pe	282 .9	302 .8	+7 .0%	108 .8	121.2	+11.4%	+1.2%	18%
H o tels - Lease P ro perties	208 .4	233 .0	+11.8%	77 .4	92 .0	+18 .9%	+0 .7%	14%
France	100.9	93.3	-7.5%	32.2	32.0	-0.6%	+0.9%	5%
Germany	27.9	34.1	+22.4%	11.5	14.4	+25.7%	+1.3%	2%
UK	-	42.8	n.a.	-	18.5	n.a.	n.a.	3%
Spain	34.3	34.5	+0.8%	14.5	14.9	+3.0%	+0.2%	2%
Belgium	20.9	15.3	-26.9%	8.8	6.6	-25.3%	+6.1%	1%
Others	24.5	12.9	-47.3%	10.4	5.6	-46.2%	+1.7%	1%
H o tels - Operating P ro perties (EB IT D A )	74 .5	69 .8	- 6 .2%	31.4	29 .1	- 7 .1%	+2 .3%	4%
T o tal strategic activities	985 .1	1,002 .1	+1.7%	589 .7	656 .7	+11.4%	+2 .7%	97%
N o n- strategic	45 .2	29 .0	- 35 .7%	26 .4	21.9	- 16 .8%	- 1.2%	3%
Retail Italy	15.8	11.5	-26.9%	9.4	11.5	+23.0%	-0.5%	2%
Retail France	21.4	12.5	-41.7%	9.1	5.4	-40.4%	-1.9%	1%
Other (France Residential)	7.9	5.0	-36.9%	7.9	5.0	-36.9%	n.a.	1%
T o tal revenues	1,030 .3	1,031.2	+0 .1%	616 .0	678 .6	+10 .2%	+2 .6%	100%

FY2019

1LfL : Like-for-Like

PORTFOLIO 2019 /+5.3% LFL RENTAL GROWTH

	Value 2018	Value	Value	LfL 1	Yield ²	Yield ²	% of
(€ million, Excluding Duties)	2019	2019	12 months
Group Share	2018	2019	portfolio
	100%	Group share	change


France Offices	5,640	6,982	5,759	4.6%	5.2%	5.1%	36.7%
Italy Offices	3,188	3,669	2,976	0.8%	5.4%	5.4%	19.0%

German Offices	207	356	267	n.a.	4.6%	4.3%	1.7%
Residential Germany	3,535	6,162	3,962	11.0%	4.3%	4.0%	25.3%

Hotels in Europe	2,250	6,526	2,513	5.5%	5.4%	5.2%	16.0%

Total strategic activities	14,820	23,695	15,477	5.6%	5.0%	4.9%	99%

Non-strategic	475	305	211	-16.6%	5.9%	9.1%	1.3%

Total	15,295	24,001	15,688	5.3%	5.0%	4.9%	100%

	1LfL: Like-for-Like
FY2019	2Yield excluding development projects	83

3Yield excluding car parks

OUR APPROACH IS SUCCESSFUL WITH OUR CLIENTS

ATTRACTING & RETAINING TENANTS…

ON OUR DEVELOPMENT PROJECTS…
…AND ON OUR PORTFOLIO

115,000 M²LEASED & 290,000 M²RENEWED IN 2019

97%OCCUPANCYIN THE YEAR OF THE DELIVERY SINCE 2010

			7.3	7.2	6.6	7.1	7.0	6.4
6.1	6.0						years on
5.5	5.8	5.8
			average

94.8%

95.8%

95.5%

96.0%

97.1%

96.3%

96.7%

98.0%

98.1%

97.9%

96.6%

on average

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

FY2019	Occupancy rate		Firm average lease length	84

WELLIO /A SUCCESSFUL FLEXIBLE WORKSPACES CONCEPT

SITES OPEN IN FRANCE

99% OCCUPANCY ON AVERAGE

on sites already opened since Jan. 2019

PARIS MIROMESNIL		MARSEILLE EUROMED
3,500 m² 98%occupancy		2,300 m² 100%occupancy

PARIS GARE DE LYON	BORDEAUX CITÉ NUMÉRIQUE
5,000 m² 99%occupancy		3,000 m² 64%occupancy
		Opened in Q4 2019

PARIS MONTMARTRE
1,400 m² 100%occupancy

>12

MONTHSAVERAGE CONTRACT LENGHT

FY2019

DEBT PROFILE

FY2019	86

DISCIPLINED FINANCING POLICY SUITED TO DIVERSIFIED & HIGH-QUALITY PORTFOLIO

		vs 2018
SOUNDAVERAGE NET	12.2x	stable
DEBT/EBITDA

LOWCOST OF DEBT	1.55%	stable
84% hedged

HIGHER ICR

5.7x

+ 0.7x

LONGDEBT MATURITY	6.1 years	stable
Debt maturities (in €million, Group share)	2,505

WELL DIVERSIFIED DEBT PROFILE

	5%
Investor mortgages
		37%
41%	54%	Bonds

Bank mortgages	unsecured
		17%

Corporate credits

€1.0 bn of Green bonds

14% of net debt

to finance 275,000 m²

of Green offices developments

1,484

343 341 368 484

1,233 1,155

►1stGreen Bond in 2016

€500 m at 1.875% and 10 years

2020

2021

2022

2023

2024

2025

2026

>2027

►2ndGreen Bond in 2019

€500 m at 1.125% and 12 years

FY2019

PORTFOLIO

FY2019	88

FRANCE OFFICES PORTFOLIO

€7.0 BN PORTFOLIO

€5.8 bn in Group share

5.1% rental yield

25%Western Crescent and La Défense

		19%
			1stRing
	%
	Group share	1%

40%			2ndRing
	13%
Paris			Major Regional Cities
		2%

Covivio's Greater Paris Portfolio

PARIS CENTER OUEST

Regions

LA DÉFENSE

REST OF PARIS

COVIVIO ASSETS

(% of the portfolio in Group share)

97% of the portfolio instrategic locations

(Paris, the Inner Ring and the Major regional cities represent)

FY2019

WESTERN CRESCENT	MAJOR BUSINESS DISTRICTS	20 %
VÉLIZY MEUDON		9-12 %

6-9 %

FIRST RING	3-6 %

	1-3 %	89
	<1 %

ITALY OFFICES PORTFOLIO

PORTFOLIO 100%

€3.7 BN

PORTFOLIOMilan

GROUP SHARE	72%
€3.0	BN

RENTAL YIELD

5.4%

FY2019

Telecom Italia outside Milan 19%

Group share

Non-core offices outside Milan 19%

(incl. one development in Turin)

Milan: a €2.3 bn portfolio1(€2.1 billion Group share)

focused on the best locations

		M5
		Bicocca
		M1	M2

M1	Certosa	Maciachini

			Porta
			Nuova
	City Life
	M5	Semi-centre		Lambrate /
				Forlanini
		CBD		M4

	M1
	Lorenteggio			Linate
			Centre
	M4		Airport

	Navigli
			Ripamonti
			Periphery	M3

	M2	Milanofiori

27%	56%
Center &
CBD
Semi-Center		Rental portfolio
& Porta Nuova

Developments

17% Periphery

1Offfices only; excluding Retail (non strategic) 90

GERMAN RESIDENTIAL PORTFOLIO

Berlin: a €3.8 billion portfolio (€2.5 bn Group share)

focused on the best locations

PORTFOLIO 100%

€6.5 BN

PORTFOLIO

GROUP SHARE

€4.2 BN

RENTAL YIELD

4.0%

		9%	6%
	Dresden & Leipzig
				Hamburg
	12%

51%	Commercial1		33%


Berlin
	%	NRW
	38%

		in revenue
	Residential

of Covivio annualized revenues

in Group share

Prime locations

Average locations

72% of the portfolio	5% of the portfolio
	Covivio Assets
Good locations	Basic locations
23% of the portfolio

FY2019	1	Offices, Ground floor retail, car parks	91
	Sources: Engel & Volkers

COVIVIO HOTEL PORTFOLIO

A €6.5 BN PORTFOLIO

€2.5 bn in Group share

5.2% rental yield

		B&B
Germany		12%	RHG
		9%
27%
	IHG
	United Kingdom
	17%	Marriott
	15%
		7%

	%		%	NH
		in revenue
		7%
	in revenue

France	Spain			Hotusa
32%	12%	Accor		3%
			Barcelo
		26%
			3%
	Belgium
		Other
	9%
		16%
	Other
	5%

27%

Economic

37 %	%
Midscale		in value

36%

Upscale

FY2019

CONTACT

Paul Arkwright	Hugo Soussan
Tel.: +33 1 58 97 51 85	Tel.: +33 1 58 97 51 54
Mobile: +33 6 77 33 93 58	Mobile: +33 6 84 44 95 40
paul.arkwright@covivio.fr	hugo.soussan@covivio.fr

Paris

30, avenue Kléber 75116 Paris

Tel.: +33 1 58 97 50 00

www.covivio.eu

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Covivio SA published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 21:58:19 UTC

Latest news about Covivio

Grupo fa*gra acquired Occidental Castellana Norte from Covivio.	06-12	CI
Covivio: the simplified public exchange offer for Covivio Hotels opens on Monday	05-31	CF
Covivio Hotels: OPES opens on June 3	05-31	CF
Covivio Hotels: successful placement of green bonds	05-17	CF
Covivio: green bonds placed by Covivio Hotels	05-17	CF
Covivio Hotels Prices EUR500 Million Green Bonds	05-17	MT
COVIVIO : Invest Securities remains Buy	05-15	CF
Covivio: over 77% of 2023 dividend paid in shares	05-13	CF
COVIVIO : Invest Securities remains Buy after sales release	04-24	CF
Covivio: stable revenues in Q1	04-24	CF
COVIVIO : A decent Q1 24 is not enough	04-23
Covivio: CDC buys 49% stake in German portfolio	04-23	CF
Covivio to Divest 49% Stake in EUR274 Million German Residential Portfolio	04-23	MT
CDC GPI - Gestion Des Placements Immobiliers agreed to acquire 49% stake in Residential portfolio in the centre of Berlin from Covivio Immobilien GmbH and Covivio.	04-22	CI
Covivio: proposed simplified public exchange offer filed for Covivio Hotels	04-22	CF
Covivio Hotels: proposed simplified public exchange offer filed with the AMF	04-22	CF
Covivio Completes Purchase of Additional Stake in Hotel Unit	04-19	MT
Covivio: Generali's shares in Covivio Hotels acquired	04-19	CF
Covivio completed the acquisition of additional 8.3% stake in Covivio Hotels from Generali Asset Management SGR SpA.	04-18	CI
Covivio: opening of the Wellio Paris Saint-Lazare space	04-18	CF
Covivio: stock dividend option approved at AGM	04-18	CF
Destabilised French Residential market.	03-22
Covivio: share price rises as HSBC raises its recommendation	03-18	CF
Covivio: Paris business reassures, share price rises	03-08	CF
Invest Securities Lifts Covivio PT, Reaffirms Buy Rating	03-07	MT

Chart Covivio

Duration

Period

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Company Profile

Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today's user experience and designing tomorrow's city.A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.A benchmark in the European real estate market with EUR 23.1 billion in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.Its living, dynamic approach opens up exciting project and career prospects for its teams.

Sector

Commercial REITs

Calendar

22/07/2024 - Q2 2024 Earnings Release

Related indices

STOXX EUROPE 600 (EUR) , CAC Mid 60

More about the company

Income Statement Evolution

More financial data

Analysis / Opinion

COVIVIO : A decent Q1 24 is not enough April 23, 2024 at 10:18 pm

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Ratings for Covivio

Trading Rating

Investor Rating

ESG Refinitiv

A-

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Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

45.48EUR

Average target price

54.39EUR

Spread / Average Target

+19.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
COVIVIO	-5.22%	5.4B
REALTY INCOME CORPORATION	-7.49%	46.24B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.57%	20.23B
SEGRO PLC	+1.99%	15.32B
UNIBAIL-RODAMCO-WESTFIELD SE	+10.49%	10.86B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-6.31%	9.72B
FEDERAL REALTY INVESTMENT TRUST	-1.97%	8.38B
CAPITALAND ASCENDAS REIT	-16.17%	8.26B
KLÉPIERRE	+4.38%	7.8B
MERLIN PROPERTIES SOCIMI, S.A.	+6.26%	5.29B

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Covivio : Covvio FY 2019 Analysts Presentation

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Covivio : Covvio FY 2019 Analysts Presentation (2024)

Latest news about Covivio

Chart Covivio

Company Profile

Income Statement Evolution

Analysis / Opinion

Ratings for Covivio

Analysts' Consensus

EPS Revisions

Quarterly revenue - Rate of surprise

Sector Other Commercial REITs

References