11 January, Milano Finanza
Covivio is speeding up investing in Italy without losing its focus on the office segment in Milan. Following the debut on the Euronext in Paris and on the Italian Stock Exchange, where it got listed on 2nd January, the real estate company born from the merger between Beni Stabili and Foncière des Régions (today the fourth in Europe concerning dimensions) presents its mission and its strategy concerning Europe and Italy. With managed assets for 23 billion euro and development projects for 5 billion mostly concentrated in Milan, Paris and Berlin, and 850 professionals throughout Europe, Covivio aims at creating a flexible and sustainable Pan-European mixed real estate portfolio distributed between the office, hotel and residential segments. The company follows the entire real estate supply chain, from investment to development, from asset and property management to the offer of innovative services. Milan concentrates 68% of the office portfolio (3.3 billion euro). Covivio aims at increasing by over 50% the pipeline for works under process, going from 421 million euro as in December 2018 to over 600 million forecasted for the end of 2019. The new projects will mainly focus on Milan (88%) for a total of 760 million between the already commissioned ones (over 360 million) and the managed ones (about 400 million euro).
The company is headed by Leonardo Del Vecchio (following the merger, the company Delfin of the Del Vecchio family is the main shareholder with 26.4% of the capital, followed by Crédit Agricole Assurances holding 8%, Acm with 7.6% and Covea with 7.1%, while the remaining 50.9% is represented by free float), and it has a capitalisation of 7.1 billion. “Following the merger, we decided to pursue the previous strategy, and we even increased in the investments in Milan. The Milan market is increasingly strategic for us, as it offers great potential. By 2022, we want to concentrate 90% of our Italian portfolio in the city”, explained Alexei Dal Pastro, Covivio Italia Ceo, while presenting the strategy of the group.
Covivio operates at European level with a portfolio spanning from France (in the office and hotel segments) to Germany (residential and hospitality), Italy (offices and hospitality), Spain and the UK (hotel segment). It mostly invests in the main European cities, representing investments for 1.7 billion in September 2018. Concerning the sectors, the investments in offices are 10.6 billion, hotels are 5.9 billion (400 facilities), and residential is 5.7 billion (41 thousand houses).
Source: Milano Finanza
Translator: Cristina Ambrosi