Covivio

What Covivio does

Covivio is a publicly listed European real estate investment trust (REIT) headquartered in Paris and listed on Euronext Paris under ticker COV. Founded in 2003 as Foncière des Régions and rebranded to Covivio, the company operates across three integrated business segments: offices (€1.1 billion rental income, 95.1% occupancy), residential (over 40,000 units in Germany), and hotels (278 hotels in 11 countries valued at €6.7 billion). Its €23.7 billion portfolio spans prime European markets including France, Germany, Italy, Spain, Belgium, and the United Kingdom.

The company functions as a vertically integrated property operator, combining investment, development, asset management, and direct operations. Key platforms include Covivio Hotels (52.2% owned subsidiary holding the hotel real estate), WiZiU (wholly-owned hotel management platform operating 24 hotels with 3,090 rooms across France and Belgium under brands including Accor, Marriott, Hilton, and IHG), Wellio (flexible office offering launched in 2017), and the DUX Design User Experience division (created in 2021). A dedicated Smart Building innovation layer (established 2019) provides IoT integration and energy management. The portfolio is supported by top-tier ESG credentials: GRESB 91/100 with 5 stars, MSCI ESG AAA, Sustainalytics Negligible Risk, and CDP A List inclusion.

Covivio generates revenue primarily through recurring rental income from office leases (average 6.4-year terms), long-duration hotel sale-and-leaseback agreements (20-21 years yielding 6-8.1%), and German residential rents showing 4.8% like-for-like growth. Strategic capital partnerships with Blue Owl Capital, CDC Investissement Immobilier, Crédit Agricole Assurances, and Société Générale Assurances enable asset-light expansion. The 2024 Generali stake acquisition and AccorInvest consolidation strengthened control over the hotel platform, while active capital recycling (€463M of disposals in 2025) funds reinvestment in prime hotels and office-to-residential conversion projects including the Noème development in Bordeaux and 030BLN tower in Berlin.

Name

Covivio

Legal name

Covivio SA

Website

https://covivio.eu

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Covivio is a publicly listed European REIT (Euronext Paris: COV) operating a €23.7 billion portfolio of offices, residential, and hotels across Europe. It serves corporate office tenants, hotel operators, German residents, and institutional investors through integrated investment, development, and property management activities.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment

NAICS

Lessors of Residential Buildings and Dwellings (53111), Residential Property Managers (531311), Traveler Accommodation (7211), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Lessors Of Real Property, Nec (6519), Operators Of Nonresidential Buildings (6512), Hotels & Motels (7011), Investors, Nec (6799)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industry

New Development / Declarant Transition Management (BPAJAHAK)

Keywords

• Commercial real estate
• Real estate investment trust
• Office leasing
• Hotel property investment
• Residential property management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Office Rental Income: Rental income from office properties across major European cities. Revenues of €1.1 billion (705M€ Group share), with 3.4% like-for-like rental growth and 95.1% occupancy rate.
2. German Residential Rentals: Rental income from over 40,000 residential units in Germany. Rental growth of 4.8% like-for-like, with reversion of +25% on relettings including +39% in Berlin.
3. Hotel Revenue: Revenue from hotel operations including rental income from hotel leases and hotel trading operations through WiZiU platform. Hotels revenue grew 7.7% at current scope and 1.6% like-for-like. Covivio operates 278 hotels across 11 countries valued at €6.7 billion.
4. Hotel Sale and Leaseback: Sale and leaseback transactions where Covivio acquires hotel properties and leases them back to operators. The Milan acquisition provides 6% guaranteed minimum rental yield and 7% target yield including variable rent.
5. Property Trading and Disposals: Strategic rotation of portfolio through property disposals. 463 M€ of cessions realized, primarily peripheral offices, and 446 M€ of investments, mainly prime offices and hotels.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels10 records

Core offering

Covivio is a European real estate investment trust that invests in, develops, owns, and operates a €23.7 billion portfolio of office, residential, and hotel properties across major European cities. The company functions as an integrated property operator spanning investment, development, property management, and hotel operations through its Covivio Hotels subsidiary and WiZiU hotel management platform.

Product overview

Covivio is a diversified European real estate company operating as a single unified platform across three core segments: offices, residential, and hotels. The company functions as investor, developer, manager, and service designer. Key products include Covivio Hotels (subsidiary managing 278 hotels across 11 countries), WiZiU (internal hotel management platform operating 24 hotels), and Wellio (flexible office offering). The portfolio spans €23.7 billion in assets. Additional offerings include smart building technology, operated offices, flexible offices, and managed residential properties in Germany. The company differentiates through hospitality-inspired approaches, Design User Experience (DUX) division, and integrated property operator model spanning from design to operation.

Differentiator

Problem solved

Functional benefit

Brands

• WiZiU: Covivio's internal hotel management platform operating hotels in France and Belgium under various brand franchises (Accor, Marriott, Hilton, IHG), managing approximately 24 hotels and 3,090 rooms as of end 2024.
• Wellio
• Covivio Hotels
• Covivio Immobilien

Products and services

• Covivio Hotels Leading European hotel real estate partner operating 278 hotels across 11 countries valued at €6.7 billion (end June 2025). Partners with major hotel operators including Accor, IHG, NH Hotel Group, B&B Hotels, Meininger Hotels, and Radisson Hotel Group for hotel property ownership and leasing.
• WiZiU Hotel Management Platform Covivio's internal hotel management platform operating hotels in France and Belgium under brands including Accor, Marriott, Hilton, and IHG franchises. Manages hotel operations across the portfolio including repositioning and performance optimization.
• Wellio Flexible Office Offering Flexible office solution launched in 2017 offering co-working and serviced office spaces across Covivio's European portfolio, enabling businesses to access flexible workspace on demand.
• Office Portfolio Leasing Prime office properties across European cities including Paris, Berlin, Milan, and other major markets, featuring smart building capabilities and flexible workspace management solutions. Generates rental income of €1.1 billion (705M€ Group share) with 95.1% occupancy rate.
• Residential Portfolio (Germany) Over 40,000 housing units in Germany with residential development programs, and office-to-residential conversion projects in France, including managed residential properties and senior living residences.
• Design User Experience (DUX) Design and user experience division created in 2021 focused on customer experience, spatial design, and service programming across Covivio's real estate portfolio.
• Operated Office Solution Fully serviced office solution providing turnkey workspace with integrated amenities, management services, and hospitality-inspired experience for corporate occupiers.
• Hotel Sale and Leaseback Transactions Sale and leaseback transactions where Covivio acquires hotel properties and leases them back to operators. Hotel lease yields range from 6-8.1% depending on location and structure.

Quantifiable outcome

• Recurring net income growth of +10% to €526.5M in 2025, representing €4.75 per share (+6.4%)
• +7 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• FERGUS GroupcoreStrategic or Co-development Partner · 18 May 2026Spanish hotel operator partnership for 3-star hotel in Torremolinos (€43.5M, €24M group share). 20-year fixed-term lease with guaranteed minimum rental yield of 7.1% and target yield over 8%. Hotel operated via FERGUS Group's tent Hotels brand with 440 rooms.
• Invest HospitalitycoreStrategic or Co-development Partner · 15 April 2026Sale and leaseback partnership for four 4-star hotels in Milan (€217M total, €115M group share). 21-year lease with guaranteed minimum rental yield of 6% and target yield of 7%. Invest Hospitality continues as operator with integrated platform providing strong track record in Milan hotel market.
• AccorInvestcoreStrategic or Co-development Partner · 2 December 2024Hotel remembrement/consolidation deal valued at approximately €800M total exchange value. Covivio acquired 43 hotel businesses (murs et fonds) while AccorInvest acquired 16 hotels. 43 hotels now held in full ownership by Covivio. 14 hotels managed by WiZiU, 12 by Atypio, 10 by Sohoma, 5 by Accor. €100M repositioning investment planned.
• AtypiocoreChannel Partner/ Reseller/ Distributor · 1 December 2024Hotel management partner for 12 hotels following remembrement with AccorInvest, operating under management contracts.
• SohomacoreChannel Partner/ Reseller/ Distributor · 1 December 2024Hotel management partner for 10 hotels following remembrement with AccorInvest, operating under management contracts.
• Estelle SeguinminorOthers · 21 October 2024Newly appointed Director General of WiZiU hotel management platform. Over 20 years of experience in hotel development, joins from Groupe INDEVCO.

Scale indicators24 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Aroundtown: European commercial real estate company with major office and hotel exposure in Germany and the Netherlands. Closely comparable to Covivio's pan-European office and hotel strategy.
• Gecina: French office and residential REIT with a prime Paris-centric portfolio and similar long-WALT characteristics. Highly comparable to Covivio's French office segment and overall European prime-urban strategy.
• Unibail-Rodamco-Westfield: Largest European diversified REIT with retail, office, and convention assets across major continental cities. Comparable to Covivio at the platform/strategy level as a large-cap diversified European commercial real estate operator.
• Vonovia: Germany's largest residential REIT managing over 500,000 units. The most direct comparable for Covivio's 40,000+ unit German residential book and German reversion dynamics.
• Klépierre: Major European retail REIT listed on Euronext Paris. A comparable continental European large-cap REIT with structural overlap in long-term triple-net landlord economics and European urban focus.
• Colonial (Société Foncière Lyonnaise/Inmobiliaria Colonial): French/Spanish prime office REIT operating in Paris, Madrid, Barcelona — the most direct comparison for Covivio's Southern European office strategy and Iberian expansion trajectory.
• LEG Immobilien: German residential REIT focused on North Rhine-Westphalia with ~165,000 units. Comparable to Covivio's German residential operations for unit-level economics, reversion dynamics and rent regulation exposure.
• CA Immobilien Anlagen: Central European office specialist with major Vienna and CEE exposure. Comparable to Covivio on the office segment for prime-urban CEE/Austrian market dynamics and lease-length economics.
• Icade: French REIT combining commercial property and healthcare real estate. Comparable as a Euronext-listed French real estate operator with mixed-use, office-focused strategy.
• Host Hotels & Resorts: Largest US lodging REIT (S&P 500), the most direct structural peer for Covivio's €6.7B / 278-hotel Covivio Hotels subsidiary and the WiZiU operating platform — comparable as a dedicated hotel REIT with owned-and-leased structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/covivio_
• YouTubeyoutube.com/channel/UCsAFXuXerD8IPnjABc4EVLw
• LinkedInlinkedin.com/company/covivio1
• Instagraminstagram.com/covivio

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Covivio