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Covivio reports increased profits for offices while hotels declined by 10%

23 April, Milano Finanza

In the first quarter of 2020, profits for Covivio declined from 166 million euro in 2019 to 158 million. Such a result is due to the negative performance of hotels (-10%), even though they represent only 10% of the company assets. On the other hand, offices and residential properties, the main components of the portfolio, increased by 2.3%, corresponding to 131 million euro. Moreover, in Q1 Covivio sold assets for 179 million euro and entered binding agreements for 190 million.

Source: Milano Finanza

Translator: Cristina Ambrosi