What Inovalis REIT does

Inovalis Real Estate Investment Trust (TSX: INO.UN) is an unincorporated open-ended trust established under Ontario law in 2013, operating as a Canadian-domiciled REIT that invests in and actively manages European commercial office real estate. The portfolio comprises ten office properties totaling approximately 1,200,000 square feet of gross leasable area across France, Germany, and Spain — including assets in Paris, Duisburg, Neu-Isenburg, Nanterre, Madrid, Kösching, Stuttgart, and Bad Homburg — with several held through 50% joint ventures. The properties target blue-chip corporate tenants with inflation-indexed leases and emphasize sustainability credentials, holding LEED Platinum (Delgado), LEED Gold (Neu-Isenburg), and dual HQE/BBC Effinergie (Gaïa) certifications, with the proprietary GAPEO energy system achieving 25 kWh/m²/year efficiency. Anchor tenants include Hitachi (Duisburg), FedEx and Arrow (Neu-Isenburg), an automotive company (Kösching), and blue-chip aeronautical firms (Delgado).

Inovalis REIT is externally managed by Inovalis SA, a Paris-headquartered asset manager with 300+ professionals across Europe, Dubai, and London managing $7.0 billion in total AUM. The trust generates revenue through recurring commercial rental income ($19.2M NOI in 2025) and periodic property dispositions under its Asset Recycling Plan — completed sales include Baldi ($22.6K/€14K), Sabliere (€18.2M), Courbevoie ($39.4M/€27.2M), and Trio ($15.8K/€9.8K). Monthly unitholder distributions were suspended in November 2023 to preserve capital, with a special distribution resumed in December 2025 at CDN $0.04579 per unit. Distribution is FX-hedged, providing Canadian investors privileged access to the Euro Zone office market — a structural differentiator versus direct European property vehicles. The trust has faced a €5,888 Arcueil tax reassessment from the Paris Administrative Court and an ongoing withholding tax appeal, both being contested.

Name

Inovalis REIT

Legal name

Inovalis Real Estate Investment Trust

Website

https://inovalisreit.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Inovalis REIT (TSX: INO.UN) is a Canadian real estate investment trust externally managed by Inovalis SA, holding ten European office properties across France, Germany, and Spain. It serves Canadian institutional and private investors with FX-hedged distributions, generating income from office leasing and asset recycling.

Ownership category

akta.pro rank

NAICS

Lessors of Real Estate (5311), Real Estate and Rental and Leasing (53), Real Estate Property Managers (53131), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate
• Office property investment
• Real estate investment trust
• European real estate
• Property management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel

Revenue model

1. Commercial Property Rental Income: Rental income from office properties in France, Germany, and Spain. Properties feature inflation-indexed leases with appealing spread between rental yields and borrowing costs. Net Rental Income was $10,553 (€6,686) for Q4 2025, down from $13,775 (€9,295) year-over-year due to reduced occupancy and bad debt provisions.
2. Property Disposition (Asset Recycling): Periodic sale of properties as part of Asset Recycling Plan. Completed dispositions include: Baldi property ($22,607/€14,000), Trio property ($15,797/€9,800), Sabliere property (€18.2 million), and Courbevoie property ($39.4 million/€27.2 million).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Inovalis REIT owns, manages, and leases a portfolio of 10 European commercial office properties across France, Germany, and Spain, totaling approximately 1,200,000 square feet of Gross Leasable Area. The REIT generates recurring rental income through inflation-indexed leases with corporate tenants while executing an active Asset Recycling Plan that includes periodic property acquisitions and dispositions. Distributions from net rental income are paid to unitholders on a monthly basis.

Product overview

Inovalis REIT is a Canadian Real Estate Investment Trust that operates as a single unified investment product focused on European commercial office properties. The REIT is managed by Inovalis SA, which manages $7.0 billion in assets under management including co-investment activity, third-party property and facility services, and employs over 300 international professionals. The REIT's core offering consists of office property investments across France, Germany, and Spain, with properties actively managed by local expert teams. The portfolio includes ten properties totaling approximately 1,200,000 square feet, with assets ranging from fully occupied buildings to those undergoing asset recycling through sales.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• LEED Platinum certification achieved at Delgado property (Spain) in January 2025
• +2 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

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.

• HitachicoreOthersAnchor tenant at Duisburg property with 50% REIT ownership in joint venture. Hitachi extended lease on reduced space with new ten-year firm lease effective September 2024, providing stabilized cashflow.
• Automotive Company (Kösching tenant)coreOthersSingle tenant at Kösching property (50% held by REIT in joint venture) with 10-year lease expiring November 2027. Tenant largely investing in the property.
• ArrowcoreOthersMain tenant at Neu-Isenburg property. Extended lease in 2023 on reduced space. New tenant FedEx also moved in October 2025.
• Joint Venture Partners (Duisburg and Kösching)coreStrategic or Co-development Partner50% ownership in Duisburg and Kösching properties held in joint venture partnerships, enabling capital efficiency and shared risk in German real estate assets.
• Igis'FunminorStrategic or Co-development PartnerJoint venture partner for Arcueil property acquisition in July 2015. REIT later acquired 100% ownership in January 2020.
• JLL, CBRE, Savills, BNP REminorOthersReal estate research partners referenced on Inovalis REIT investor relations page for French, German, and Spanish market insights.

Scale indicators5 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Allied Properties REIT: Canadian REIT focused on office and industrial workspace in major urban centres including Montreal, Toronto, Vancouver and select European (Paris) assets. Direct peer given overlapping office mandate and Canadian-listed structure similar to Inovalis REIT.
• Gecina SA: Large French-listed REIT (SIIC) specializing in prime Paris office and residential assets. Directly comparable on French office concentration and European REIT structure.
• Covivio: European REIT with significant office exposure across France, Germany, and Italy plus hotels and residential. Comparable on multi-country European office mandate and publicly-listed REIT structure.
• Dream Office REIT: Pure-play Canadian office REIT with urban office portfolio in Toronto, Calgary, Ottawa and Mississauga. Direct comparable on office exposure, REIT distribution model, and Canadian listing despite Inovalis's European geographic tilt.
• Slate Office REIT: Small-cap Canadian office REIT focused on office properties across North America and Europe. Direct peer on office mandate and cross-border European exposure profile.
• Icade SA: French-listed REIT (SIIC) with office and healthcare real estate in France. Comparable on French office focus and listed REIT distribution model.
• Colonial (SOCIMI): Spanish SOCIMI (REIT) focused on prime office properties in Madrid, Barcelona, and Paris. Direct peer for Inovalis's Spanish office exposure (Delgado in Madrid).

Broad incumbents

• Brookfield Property Group: Global real estate platform within Brookfield Asset Management with significant European office exposure. Broad incumbent offering scale, capital and asset management capabilities Inovalis REIT accesses through Inovalis SA.
• H&R REIT: Diversified Canadian REIT with office, industrial, retail and residential assets across North America and select European holdings. Broader incumbent peer sharing Canadian listing and office exposure but with much larger, more diversified portfolio.

Emerging players

• European Residential REIT: Canadian-listed REIT investing in multi-family residential properties in the Netherlands and Germany. Comparable on cross-border Canadian-listed REIT structure and European geographic focus, though residential rather than office.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/inovalis-reit

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

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 Inovalis REIT