h1 2019 results - covivio

H1 2019 RESULTS

INCREASING PIPELINE,

STRONGER BALANCE SHEET

AND GROWING OPERATING& FINANCIAL RESULTS

23 JULY 2019

H1 2019 RESULTS 2

FIRST HALF 2019 / KEY MILESTONES ACHIEVED

ACCELERATION OF

DEVELOPMENTSOPERATING

PERFORMANCE

DISCIPLINED

FINANCIAL PROFILE

LTV 39.2%TARGET <40% ALREADY REACHED

RATING UPGRADE TO

+3.3%LIKE-FOR-LIKE REVENUE

€660 M€526 MILLION GROUP SHARE

NEW COMMITTED PROJECTS

+2.8%+100,000 m² BBB+

LIKE-FOR-LIKE VALUE

H1 2019 RESULTS 3

CONTENTS

I. COVIVIO’S STRATEGY 4

II. KEY MILESTONES ACHIEVED 7

II-A. Acceleration of the development pipeline 7

II-B. Qualitative asset rotation 17

II-C. A strategy supporting ESG performance 23

III. CONTINUED DYNAMISM IN REVENUE GROWTH 25

IV. FINANCIAL RESULTS 35

APPENDIX 42

I.

COVIVIO’S STRATEGY

H1 2019 RESULTS 5

COVIVIO BUSINESS MODEL / A DIVERSIFIED SPECIALIST…

GERMAN RESIDENTIAL

OFFICES

26%

<2% Nonstrategic1

HOTELS IN EUROPE

15%

36%

21%

ONE OF THE LEADERS IN FRANCE

& THE LEADER IN MILAN

ONE OF THE LEADERS

WITH THE BEST QUALITY PORTFOLIO

THE LEADER

WITH A UNIQUE PLATFORM

ONE OF THE LEADERS IN EACH OF OUR MARKETS

WITH EXPERIENCED & HIGH-PERFORMING LOCAL TEAMS

€16 BnGroup share

€23 Bnat 100%

1 Proforma of the disposal of the French residential portfolio, under disposal agreement

http://www.freeflagicons.com/country/germany/round_icon/

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi54b7RrdfWAhVI7hoKHcvMCrgQjRwIBw&url=http://www.freeflagicons.com/country/european_union/round_icon/&psig=AOvVaw0OYgFNA8cJXvcj0IqixxbL&ust=1507219853080672

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjulrvLrdfWAhUEfRoKHcRABqYQjRwIBw&url=http://www.freeflagicons.com/country/italy/round_icon/&psig=AOvVaw06XAFzgGflQQt1mkMvZEpV&ust=1507219840393104

H1 2019 RESULTS 6

…REWARDED BY A SOLID STOCK PERFORMANCE

1 Source: EPRA Reporting at 30/06/20192 EPRA Europe developed index

COVIVIO’S DIVERSIFICATION IS A STRENGTH…

DIVERSIFICATION IN 4 DYNAMIC MARKETSWITH GROWING DEMAND & LACK OF SUPPLY

RESILIENT PERFORMANCEWITH SECURED CASH-FLOWS THANKS TO EFFICIENT ASSET

MANAGEMENT

…REWARDED BY A SOLID & RESILIENT

STOCK PERFORMANCE

SIGNIFICANT GROWTH POTENTIALWITH A €6 BN DEVELOPMENT PIPELINE TO FUEL FUTURE GROWTH

20-year annualised

total return

10-y 5-y 3-y 1-y

+13%

+8%

+10%

-1%

+8%

+10%

+9%

Stock annualised total return performance at end-June 20191

Covivio

0%

EPRA Europe2

B. Qualitative asset rotation

A. Acceleration of the development pipeline

II.

KEY MILESTONES ACHIEVED

C. A strategy supporting ESG progress

H1 2019 RESULTS 8

DEVELOPMENT PIPELINE / A STRATEGIC PILLAR FOR OUR FUTURE GROWTH

>30% VALUE CREATION TARGET

6.0% YIELD ON COST

€2.1 bn€1.7 BILLION GROUP SHARE

+€660 MILLION OF NEW PROJECTS(+€526 m in Group share)

51% PRE-LET

+100,000 m² mainly on

+30% IN COMMITTED PIPELINE AT END-JUNE 2019

TOTAL PIPELINE OF €6 BN (€4.4 BN GROUP SHARE) OF WHICH €2.1 BN COMMITTED

€1.6 bn€1.3 BILLION GROUP SHARE

End-2018 H1 2019

PARIS SO POP / 31,000 m²

LEVALLOIS ALIS / 20,500 m²

MILAN SYMBIOSIS / 28,600 m²

BERLIN RESIDENTIAL / 15,000 m²

~€90 M ADDITIONAL RENTAL INCOME1

GROUP SHARE

1 Vs annualised revenue at end-June 2019, excluding Jean GoujonSee appendix p.47-52 for more details

H1 2019 RESULTS 9

DEVELOPMENT PIPELINE / DELIVERIES MAINLY IN 2020 & 2021

2019

2020

2021

2022

91% let or pre-let

2/3 pre-let

50% pre-let

3% pre-let

Delivery schedule on committed projects

€50 M / 100% pre-let

GOBELINS – 4,400 m²

€182 M / 100% pre-let

JEAN GOUJON – 8,460 m²

€171 M

BERLIN RESIDENTIAL – 45,270 m²

€115 M / 100% pre-let

MONTROUGE FLOW – 23,500 m²

€139 M / 0% pre-let

CHATILLON IRO – 25,600 m²

€166 shared at 50% / 50% pre-let

LYON SILEX II – 30,900 m²

€57 M / 100% pre-let

VIA DANTE – 4,700 m²

€60 M / 100% pre-let

PRINCIPE AMEDEO – 6,500 m²

€47 M / 100% pre-let

MEININGER PARIS – 249 rooms

€150 MCommitted

€100 M Group share

€749 M€617 M Group share



€200 m delivered

+

€2.1 billioncommitted pipeline

10

PARIS SO POP / IN A GROWING AND ATTRACTIVE BUSINESS DISTRICT

New space available under construction until

2021

50,000 m²

per year

Office Stock

1.2 million m²

Annual take-up

156,000 m²69% ON NEW SPACE

THE BUSINESS DISTRICT PARIS 17TH NORTH / CLICHY / ST-OUEN IS UNDER FULL URBAN REGENERATION AROUND THE LINE 14 OF THE GRAND PARIS

1 Average 2017-2018

Source: Crane Survey

N2 project

15,900 m² mixed-use

Committed with delivery in 2021

New Paris

courthouse

H1 2019 RESULTS 11

PARIS SO POP / 60% VALUE CREATION TARGET

€113 MTOTAL COST GROUP SHARE2012 / ACQUISITION

OF CITROËN HEADQUARTERS AT 8.1% YIELD

2018 / DEPARTURE OF CITROËN

2019 / BUILDING PERMITWITH A 70% EXTENSION FROM 18,500 m² TO 31,000 m²

2019 / SYNDICATION OF 49.9%WITH CREDIT AGRICOLE ASSURANCES

INCREASING RENT & EXTRACTING VALUE CREATION THROUGH REDEVELOPMENT

6.1%YIELD ON COST

~60% TARGET VALUE CREATION INCLUDING MARGIN ON THE SYNDICATION

+145% TARGET RENT INCREASE VS PREVIOUS TENANT

+70% FROM EXTENSION

+75% FROM INCREASED RENT IN €/m² ON THE EXTENDED SURFACE

H1 2019 RESULTS 12

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

New space availableunder construction until

2021

13,000 m²

per year

Office Stock

~950,000 m²

Yearly take-up1

93,000 m²35% on new space

1 Average 2017-2018

Source: Crane Survey

H1 2019 RESULTS 13

LEVALLOIS ALIS / 40% VALUE CREATION TARGET

2000

Acquisition of blocks A&C

13,000 m² of offices

2015

Acquisition of block B

at a 6.4% yield

4,700 m²

2019

Obtain of the construction permit

to build 20,500 m²

+15% extension

Former building Future building

2022

Expected delivery

Omega A & C

Omega B

€215 mtotal cost1

5.0%yield on cost

JANUARY 2019

Departure of Lagardère

+60% TARGET RENT INCREASEVS PREVIOUS TENANT

+15% FROM EXTENSION

+45% FROM INCREASED RENT IN €/m²

ON THE EXTENDED SURFACE AREA

~40% TARGET VALUE CREATION

1 Including land value of €125 million

Building E Building D Building HBuildings A+B Building F Building G

H1 2019 RESULTS 14

MILAN / TWO NEW COMMITTED PROJECTS IN THE GROWING DISTRICT OF SYMBIOSIS

SYMBIOSIS D

18,600 m²of offices

€84 mtotal cost

6.9%yield on cost

35%pre-let

Delivery 2021

The Symbiosis area – 120,000 m² development potential

Committed

Already delivered

Delivery 2022

10,000 m²offices &

mixed-use spaces

€42 mtotal cost

6.6%yield on cost

REINVENTING CITIES

Symbiosis

D

18%pre-let

H1 2019 RESULTS 15

MILAN THE SIGN / FULLY PRE-LET 18 MONTHS AHEAD OF DELIVERY

BUILDINGS B & C

16,900 m²DELIVERY H2 2020

BUILDING AAON HQ

9,300 m²

Fully pre-let to AON

in 2018

Delivery H1 2020

BUILDING D

11,400 m²Land bank acquired

in 2018

To be committed by

end-2019 / early 2020

Full pre-let to a leading global IT

and digital engineering services

provider for 12 years

€106 MILLION TOTAL COST FOR 26,200 m²

ON BUILDINGS A, B & C

7.3% YIELD ON COST

>25%

TARGET VALUE CREATION

Milan CBD

Duomo

Metro line 2

Suburban train S9

Bocconi

University

Porta

Ticinese

Navigli business district

THE SIGN

M2

H1 2019 RESULTS 16

DELIVERIES 2019 / STRENGTHENING OUR TRACK RECORD

4 OFFICES (45,600 m²) / 5 HOTELS (790 rooms)

€350 MTOTAL COST

€211 M Group share

6.2%

YIELD ON COST

~30%

value

creation

90%

OCCUPANCY

Cité du NumériqueBORDEAUX

19,200 m² / OFFICES

Quai 8.2BORDEAUX

10,900 m² / OFFICES

HeliosLILLE

9,000 m² / OFFICES

AmedeoMILAN

6,500 m² / OFFICESB&B HOTELS

2 HOTELS / 192 ROOMSMEININGER HOTELS

3 HOTELS / 600 ROOMS

1 DELIVERED

Projects

delivered

in H1 2019

1 DELIVEREDDELIVERED IN JULY



II.



Berlin Residential

Montrouge Flow – 100% pre-let

H1 2019 RESULTS 18

INVESTMENTS / €622 MILLION IN H1 2019 (€338 MILLION GROUP SHARE)

NEW ACQUISITIONS MAINLY IN HOTELSFOCUS ON DEVELOPMENT PIPELINE IN OFFICES & RESIDENTIAL

€315 M€146 M GROUP SHARE

5.2% YIELD1

INCLUDING €176 MILLION FOR A 32% STAKE IN A

PORTFOLIO OF 32 ACCOR HOTELS

Quality locations in Paris & major cities in France & Belgium

Attractive price of €88k / room, 23% below our comparable

current Accor portfolio

link to dedicated press release

1 Potential yield on acquisitions in German residential and Hotels. Immediate yield of 4.9%

€307 M CAPEX€192 M GROUP SHARE

6.0% YIELD ON COST

57% IN PARIS, LYON, BORDEAUX

25% IN MILAN

18% IN BERLIN

Novotel – Lyon Gerland

See appendix p.60 for more details

https://www.covivio.eu/en/reports/covivio-expands-its-hotel-presence-in-france/

H1 2019 RESULTS 19

THE DISPOSAL PLAN IS WELL ON TRACK€732 million of disposals secured YTD (€602 million Group Share) with a 6.4% margin

ACCELERATION OF MATURE ASSET DISPOSALS WITH A 9.3% AVERAGE MARGIN

70%

PURSUIT OF THE PORTFOLIO QUALITY ENHANCEMENT WITH DISPOSAL OF NON-CORE BUILDINGS

30%

of the disposals

of the disposals

100%, in €M2019

Activity

Margin vs

2018 value

Gross

yield

French Offices 257 4.1% 4.5%

Italy Offices 267 1.0% 5.4%

German Resi 30 74.9% 1.9%

Hotels 162 11.6% 6.0%

Non-strategic 16 8.7% 5.8%

Total 100% 732 6.4% 5.1%

Total Group Share 602 4.7% 5.0%


H1 2019 RESULTS 20

FRENCH OFFICES DISPOSALS / TWO MATURE ASSETS IN GREATER PARIS

€221 MILLION DISPOSALS SECURED

6% MARGIN 4.4% NET YIELD

COUPOLE – CHARENTON11,500 m²

Acquired in 2014 at a 6.5% yield

€54 MILLION

GREEN CORNER – SAINT-DENIS20,800 m²

Development project delivered in 2015 with a 7% yield on cost

€167 MILLION

H1 2019 RESULTS 21

ITALY DISPOSALS / MOVING TOWARDS STRATEGIC PRIORITIES

PRICE €281 M

1 mature asset in Milan

9 offices in secondary locations (Rome, Bologna, North of Italy)

1 retail asset near Bologna

4.9% net yield

1.4% margin vs end-2018

Exit from offices

outside Milan

Accelerate disposal

of mature assets

Exit from non-strategic

retail assets

STRATEGY

11 ASSETS

H1 2019 RESULTS 22

HOTEL DISPOSALS / €162 MILLION OF NON-CORE AND MATURE ASSETS

B&B HOTELS IN FRANCE

End-2018 / Agreement on 59 B&B hotels for €272 million

H1 2019 / New agreement on 30 B&B hotels for €113 million

€385 MILLION (€83 million Group share)

WESTIN HOTEL IN DRESDEN

5-star hotel of 340 rooms, under management contract

€48.5 MILLION (€21 million Group share)

Disposal of the hotel while keeping the adjacent land bank

for residential development

~8,000 m² potential

residential development

LOCATED IN SECONDARY FRENCH CITIES

11% MARGIN / 5.4% YIELD

HOTEL WITH NECESSARY RENOVATIONS

9% MARGIN / 7.4% EBITDA YIELD BEFORE CAPEX



II.



H1 2019 RESULTS 24

3 STRATEGIC PILLARS TO SERVE ESG PERFORMANCE

MAJOR EUROPEAN

CITIES

Quality locationPublic transport proximity

93%

of our assets < 5’ walk from a public transport

(99%<10’)

DEVELOPMENT

PIPELINEQualityPerformance

78%

of our offices are green

100%

green

100%

< 5’ walk

CLIENT

CENTRICITYPerformanceWell being

Carbon weight/m²:

-16%

(2010-2018)

Service offer :

100%

PERFORMANCE 2018 TARGET 2023ESG DRIVERS

Service offer :

45%

of our office buildings1

Carbon weight/m²:

-33%

(2010-2030)

1 Concierge service, restaurant, creative room, board room, wellness, Wellio offer

Excluding Telecom Italia assets

Respecting the 2C°scenario of the International Paris Agreement 2015


III.CONTINUED DYNAMISM IN REVENUEGROWTH

GREATER PARIS

H1 2019 RESULTS 26

PARIS & MILAN OFFICE MARKET / LACK OF OFFER PUSHING-UP RENTS

RECORD

LOW

SUPPLY

…

<2.9 Million m²

immediate offer

5.1% vacancy rate

Sources: C&W and BNP

MILAN

…

IMPACTING

TAKE-UP

…

-20% year-on-year

Except in 1st ring

(+27%)

…

AND

PUSHING

RENTS

+5% on 1st hand space in one year

+6% on 2nd hand space in one year

240,000 m² of take-up (+37,000 m² year-on-year)

driven by the CBD (+23,000 m² year-on-year to 66,000 m²)

2.1% vacancy rate on Grade A offices

+5% increase on prime rents in one year to €600/m²

ANOTHER

RECORD

1ST HALF

See appendix p. 63-65 for more details

ITALY OFFICES

27

OFFICES RENTAL ACTIVITY / STRONG RENTAL GROWTH

175,000 M² RENEWED IN FRANCE & ITALY+3.9%

FRANCE OFFICES

+1.4%

+1.9 pts occupancy effect

+1.5 pts & +0.5 pt

Indexation & renewals

+1.0 pt indexation

+0.3 pt & +0.1 pt

occupancy & renewals

H1 2019 RESULTS

OF WHICH MILAN +1.7%EXCL. TELECOM ITALIA

+3.2% increase on IFRS rents

+4.4 years lease extension

LIKE-FOR-LIKE

RENTAL GROWTH

€413 MILLION RENTAL INCOME GROUP SHARE / 57% OF COVIVIO REVENUES

H1 2019 RESULTS 28

GERMAN RESIDENTIAL / STRONG FOOTPRINT IN DYNAMIC GERMAN CITIES

RENTAL YIELD

4.1%

PORTFOLIOGROUP SHARE

€4.1 BN

VALUATION

€2,147/m²

Berlin residential

39%Residential

7%Hamburg

12%Commercial1

51%Berlin

10%Dresden & Leipzig

33%NRW

1 Commercial leases on offices & ground-floor retail surfaces

€163 MILLION RENTAL INCOME GROUP SHARE / 23% OF COVIVIO REVENUES

In rental income

8.8% oftotal Covivio revenues

H1 2019 RESULTS 29

GERMAN RESIDENTIAL RENTAL ACTIVITY / DYNAMIC GROWTH OF +4.4%

31 %Indexation

25 %Reletting

14 %Modernization

30 %Reletting with modernization

+4.4%

LFL RENTAL

GROWTH

BERLIN

DRESDEN & LEIPZIG

NRW

HAMBURG

Average rent

€/m²

Like-for-like

rental growth

Δ vs market

rent

€8.2/m² +5.3%

€6.2/m²

€9.5/m²

€6.4/m²

+3.2%

+2.1%

+4.1%

+35%

+15-20%

+20-25%

+15-20%

H1 2019 RESULTS 30

BERLIN RESIDENTIAL / AN EVOLVING REGULATORY LANDSCAPE IN A CONTEXT OF INCREASING HOUSING SHORTAGE

> New constructions to be exempted

> Rent freeze at current level for 5 years

> Modernization leading to rent increase >€0.50/m² would need to be approved

> Next steps: draft law to be voted on in October / effective in January 2020

BERLIN SENATE HAS VALIDATED A STRICTER REGULATION

PROJECT

> Risk of exacerbating the lack of supply in Berlin

> Legal uncertainties: federal state level issue; interference with the owners’ property rights

A PROJECT WITH AN UNCERTAIN OUTCOME AND WHICH WON’T

SOLVE THE SHORTAGE ISSUE NEW

RESIDENTS

+385,000

Sources: Berlin Statistics Office, German Construction Industry Association

+90,000

NEW

APARTMENTS

AN INCREASING HOUSING

SHORTAGE IN BERLIN SINCE 2009

VS

> Limited risk outside Berlin

H1 2019 RESULTS 31

BERLIN RESIDENTIAL / A HIGH-QUALITY PORTFOLIO OFFERING GROWTH POTENTIAL

Berlin: a €3.7 billion portfolio (€2.4 bn Group share)

focused on the best locations

Basic locations

Average locations5% of the portfolio

Good locations22% of the portfolio

Prime locations

73% of the portfolioCovivio Assets

A HIGH-QUALITY PORTFOLIO…

Attractive locations: 95% in Prime & Good areas

Sought-after products: 60% Altbau-style buildings1

High-liquidity through small buildings of 11 units on average

…OFFERING GROWTH POTENTIAL

Current valuation2: €2,745/m²; 3.3% yield

Sources: Engel & Volkers ; BerlinHyp 2019 Housing report

1 Classic, old-style buildings built between mid-19th century and 19492 Residential only

>75% margin on privatization realized in H1 2019

€833 million development pipeline

0

100

200

300

400

500

600

700

800

900

1000

France Germany UK Spain Belgium

2013 2018H1 2019 RESULTS 32

HOTELS MARKET / SOUND SUPPLY-DEMAND TRENDS

GOOD REVPAR PERFORMANCE IN EUROPE

AFTER AN EXCEPTIONAL YEAR IN 2018+2.4% YTD

Sources: MKG; end June for France & Germany

Limited increase in hotel offerNumber of rooms change since 2013

Average annual increase in %

+1.7%

+1.2%+2.2%

+0.9%

-0.2%

2013 2014 2015 2016 2017 2018 YTD 05/19

+2.2%

RevPar change since 2013Basis 100 in 2013 & average annual increase in%

+8.2%

+3.8%

+3.7%

+3.1%

RENTAL INCOME ON LEASES

ONGOING RENOVATIONS FINANCED BY ACCORINVEST ON 12 HOTELS (2,600 ROOMS)

FUTURE BOOST TO REVPAR & RENTAL GROWTH

H1 2019 RESULTS 33

HOTELS REVENUE / +2.0% LIKE-FOR-LIKE REVENUE GROWTH

+1.9%+2.4%

+2.0%

LIKE-FOR-LIKE REVENUE GROWTH

EBITDA ON MANAGEMENT CONTRACTS

€120 MILLION REVENUE GROUP SHARE / 17% OF COVIVIO REVENUES

OF WHICH +1.9% ON ACCOR VARIABLE RENTS

H1 2019 RESULTS 34

STRONG REVENUE GROWTH IN H1 2019

First half 2019

Revenue

100%

(€m)

Revenues

Group share

(€m)

Var.

%

Like-for-

like growth

%

Occupancy

rate

%

WALT

(years)

France Offices 130 115 -6.6% +3.9% 97.3% 4.8

Italy Offices 94 73 +73.9% +1.4% 98.1% 7.2

German Residential 124 80 +5.9% +4.4% 98.8% n.a.

Hotels in Europe 149 59 +23.1% +2.0% 100% 13.9

Total strategic activites 498 327 +13.3% +3.4% 98.2% 7.2

Non-strategic activities(Retail in France & Italy, French residential)

16 12 -15.8% -1.7% 95.6% 5.4

Total 513 339 +11.9% +3.3% 98.1% 7.2

+3.4%

LIKE-FOR-LIKE RENTAL GROWTH

ON STRATEGIC ACTIVITIES

43%

INDEXATION &

VARIABLE REVENUES

24%

OCCUPANCY

33%

RENEWALS

See appendix p.56 for more detalis

IV.

H1 2019 FINANCIAL RESULTS

photo

H1 2019 RESULTS 36

SUCCESS OF THE SCRIP DIVIDEND

€4.1 bn 51% of shares

Further increase in free float

+45% SINCE

END-2016

Capital increaseTo keep investing in development pipeline

while maintaining a disciplined financial policy

+€316

million

► CHOSEN BY 82.7% OF THE SHAREHOLDERS

€4.6 per share

2018 DIVIDEND

with payment option in shares

at a subscription price of €81.29

46.1%45.4%

44.6%

40.4%

42.0%

39.2%

2014 2015 2016 2017 2018 H1 2019

BBB- BBB BBB

Outlook

positive

BBB+

<40% :

New LTV policy

H1 2019 RESULTS 37

LTV TARGET ALREADY ACHIEVED

DECREASING LTV AND ENHANCING PORTFOLIO QUALITY …

…LEADING TO A S&P RATING UPGRADE IN H1 2019

S&P Rating upgrade

in April 2019


H1 2019 RESULTS 38

PORTFOLIO / EXTRACTING VALUE FROM OUR ASSETS

+1.8% DEVELOPMENT PIPELINE +9.7%FRANCE OFFICES

RENTAL YIELD

5.0%

H1 2019LIKE-FOR-LIKE

VALUE

+2.8%

PORTFOLIO100%

€23.2 BN

PORTFOLIOGROUP SHARE

€15.7 BN

Like-for-like value growth

+0.2%ITALY OFFICES

MILAN +1.0%

+7.7%GERMAN RESIDENTIALHAMBURG +7.6%

+1.8%HOTELS IN EUROPE

FRANCE +2.3%

BERLIN +8.9%

DRESDEN & LEIPZIG +9.0%

NRW +4.6%

BELGIUM +2.5%

GERMANY +2.6%

REST OF ITALY -2.0%

UNITED KINGDOM +0%

39

EPRA NAV GROWTH OF +5.4% IN €/SHARE YEAR-ON-YEAR

EPRA NAVEnd-2018

EPRA NAVH1 2019

+€2.6/share

EPRA Earnings

-€4.6/share

Dividend

-€0.5/share

Debt management

-€0.1/share

Others

+€4.4/share

Property value

increase

-€0.9/share

Capital increase

incl. dividend in shares

€100.6/share€99.7

/share

H1 2019 RESULTS

+5.4% IN €/SHARE YEAR-ON-YEAR

+0.9% SINCE END-2018due to dividend distribution

+3.1% IN €/SHARE YEAR-ON-YEAR

-1.6% SINCE END-2018due to dividend distribution & impact of lower interest

rates on financial instruments

EPRA NAV EPRA NNNAV

H1 2019 RESULTS 40

+2.8% GROWTH OF EPRA EARNING PER SHARE

€million – Group share H1 2018 H1 2019Change

€m

Change

%

Net rental income 267.5 296.4 +29.0 +10.8%

EBITDA from hotel operating activities & coworking 14.2 16.2 +2.0 +14.1%

Income from other activites 1.8 8.8 +7.0 n.a

Net revenue 283.5 321.4 +37.9 +13.4%

Net operating costs -36.7 -36.8 -0.1 +0.3%

Depreciations & provisions -6.4 -8.5 -2.1 +32.7%

Operating income 240.4 276.1 +35.7 +15%

Cost of net financial debt -46.0 -49.3 -3.3 +7%

Amortization of debt issue expenses

& other financial charges-4.3 -6.6 -2.4 +56%

Share in earnings of affiliates 5.8 6.0 +0.2 +4%

Corporate income tax -4.3 -6.5 -2.2 +51%

EPRA EARNINGS 191.6 219.7 +28.1 +14.6%

Average number of shares 74,842,467 83,476,180

EPRA EARNINGS (€/share) 2.56 2.63 +0.1 +2.8%

INCREASE IN NUMBER IN

SHARESDELEVERAGING

STRONG OPERATING

PERFORMANCE

MERGER WITH BENI STABILI & ACQUISTIONS

IN HOTELS

>+3% EPRA EARNINGS PER SHARE GUIDANCE 2019 CONFIRMED:

KEY UPCOMING EVENTS

Q3 ACTIVITY 24 October 2019

CAPITAL MARKETS DAY IN PARIS 7 November 2019

41H1 2019 RESULTS

APPENDIX

APPENDIX CONTENTS

H1 2019 RESULTS 43

1. COVIVIO’S ESG STRATEGY

2. DEVELOPMENT PIPELINE AT END-JUNE 2019

3. H1 2019 KEY PERFORMANCE INDICATORS

4. DEBT PROFILE

5. H1 2019 INVESTMENTS & DISPOSALS

6. MARKETS & PORTFOLIO BREAKDOWN

APPENDIX

COVIVIO’S ESG STRATEGY

44H1 2019 RESULTS

H1 2019 RESULTS 45

A PROACTIVE & VOLUNTARY ENVIRONMENTAL STRATEGY

1 Trajectory compatible with the 2°C scenario approved by the SBT initiative2 As of end-2018

Respecting the 2°C scenarioset forth in the international

Paris Agreement of 2015

-1/3

EXPLOITINGGREEN ASSETS

FRANCE OFFICES

84% 2020100%

ITALY OFFICES

67% 202280%

HOTELS

202066%

52%

REDUCINGENERGY CONSUMPTION

FRANCE OFFICES

ITALY OFFICES

HOTELS

average carbon weight per m² (Construction + refurbishment + operation)

Ambitious carbon reduction targetbetween 2010-20301

GERMAN RESIDENTIAL -12%

-40% between 2008/2020

ALREADY REALIZED

-15% between 2015/2020

-40% between 2008/2020

-32%

ALREADY REALIZED2

-58%

-53%

-15% between 2017/2025

TARGET2

Back to page 24

APPENDIX

DEVELOPMENT PIPELINE AT END-JUNE 2019

46H1 2019 RESULTS

H1 2019 RESULTS 47

COMMITTED PIPELINE AT END-JUNE 2019 / €2.1 BILLION AT 100% (1/3)

1 Surface at 100%

2 Including land and financial costs

3 Yield on total rents including car parks, restaurants, etc.

Synthesis of Committed projectsSurface 1

(m²)

Pre-let

(%)

Total

Budget 2

(€M, 100%)

Total

Budget 2

(€M, Group share)

Target Yield 3 Progress

Capex to be

invested

(€M, Group share)

France Offices 210,720 m² 43% 1,412 1,103 5.8% 20% 531

Italy Offices 94,500 m² 68% 424 424 6.4% 35% 164

German Residential 45,271 m² n.a 171 111 4.7% 11% 102

Hotels in Europe 533 rooms 100% 74 30 6.2% 86% 4

Total 51% 2,080 1,668 6.0% 24% 801

Back to page 8

H1 2019 RESULTS 48


1 Surface at 100%



Committed projects Location ProjectSurface¹

(m²)Delivery

Target rent

(€/m²/year)

Pre-let

(%)

Total

Budget²

(€M, 100%)

Total

Budget ²

(€M, Group

share)

Target

Yield³Progress

Capex to be

invested

(€M, Group

share)

Fra

nc

e O

ffic

es

Meudon Ducasse Greater Paris Construction 5,100 m² 2020 260 100% 22 22 6.4% 28% 14

Belaïa (50% share) Orly Construction 22,600 m² 2020 198 48% 65 32 >7% 24% 24

IRO Châtillon - Greater Paris Construction 25,600 m² 2020 325 0% 139 139 6.3% 40% 89

Flow Montrouge - Greater Paris Construction 23,500 m² 2020 327 100% 115 115 6.6% 36% 67

Silex II (50% share) Lyon Regeneration-extension 30,900 m² 2020 312 50% 166 83 6.0% 60% 34

Total deliveries 2020 107,700 m² 50% 507 392 6.4% 41% 228

Gobelins Paris 5th Regeneration 4,360 m² 2021 510 100% 50 50 4.3% 12% 20

Montpellier Bâtiment de services Montpellier Construction 6,300 m² 2021 224 8% 21 21 6.7% 20% 15

Montpellier Orange Montpellier Construction 16,500 m² 2021 165 100% 49 49 6.7% 24% 34

Jean Goujon Paris 8th Regeneration 8,460 m² 2021 820 100% 182 182 n.a 7% 36

Paris So Pop (50% share) Paris 17th Regeneration 31,000 m² 2021 > 400 0% 226 113 6.1% 3% 74

N2 (50% share) Paris 17th Construction 15,900 m² 2021 575 0% 162 81 4.6% 7% 65

Levallois Alis Levallois Regeneration 20,500 m² 2022 > 500 0% 215 215 5.0% 6% 59

Total deliveries 2021 and beyond 103,020 m² 40% 905 711 5.3% 8% 303

Total France Offices 210,720 m² 43% 1,412 1,103 5.8% 20% 531

Ita

lyO

ffic

es

Principe Amedeo Milan Regeneration 6,500 m² 2019 520 99% 60 60 5.3% 97% 0.4


Dante Milan Regeneration 4,700 m² 2020 560 100% 57 57 4.5% 17% 10

The Sign Milan Construction 26,200 m² 2020 285 98% 106 106 >7% 47% 41

Duca d'Aosta Milan Regeneration 2,500 m² 2020 n.a 100% 12 12 9.0% 5% 4

Symbiosis School Milan Construction 7,900 m² 2020 225 99% 21 21 >7% 17% 16


Symbiosis D Milan Construction 18,600 m² 2021 315 35% 84 84 6.9% 3% 47

Ferrucci Turin Regeneration 18,100 m² 2021 130 0% 42 42 5.4% 54% 7

Reinventing Cities Milan Construction 10,000 m² 2022 315 18% 42 42 6.6% 7% 39

Total 2021 deliveries and beyond 46,700 m² 22% 168 168 6.5% 17% 93

Total Italy Offices 94,500 m² 68% 424 424 6.4% 35% 164

H1 2019 RESULTS 49


1 Surface at 100%



Committed projects Location ProjectSurface¹

(m²)Delivery

Target rent

(€/m²/year)

Pre-let

(%)

Total

Budget²

(€M, 100%)

Total

Budget ²

(€M, Group

share)

Target

Yield³Progress

Capex to be

invested

(€M, Group

share)

Ge

rma

n

Res

ide

nti

al German residential - deliveries in 2019 Berlin Construction 5,145 m² 2019 n.a n.a 16 10 5.0% 52% 7

German residential - deliveries 2020 and beyond Berlin Construction 40,126 m²2020 &

beyondn.a n.a 155 101 4.6% 6% 95

Total German Residential 45,271 m² n.a 171 111 4.7% 11% 102

Ho

tels

B&B Bagnolet (50% share) Greater Paris Construction 108 rooms 2019 n.a 100% 8 2 6.2% 50% 1

Meininger Porte de Vincennes Paris Construction 249 rooms 2019 n.a 100% 47 20 6.2% 88% 2

Meininger Lyon Zimmermann Lyon - France Construction 176 rooms 2019 n.a 100% 19 8.0 6.1% 87% 1

Total deliveries 2019 533 rooms 100% 74 30 6.2% 86% 4

Total Hotels in Europe 533 rooms 100% 74 30 6.2% 86% 4

Projects

sorted by estimated total cost at 100%Location Project

Surface 1

(m²)

Delivery

timeframe

Fra

nc

e O

ffic

es

Cap 18 Paris Construction 50,000 m² >2022

Rueil Lesseps Rueil-Malmaison - Greater Paris Regeneration - Extension 43,000 m² >2022

Montpellier Pompignane Montpellier Construction 72,300 m² >2022

Opale Meudon - Greater Paris Construction 37,000 m² >2022

Anjou Paris Regeneration 11,000 m² >2022

Bordeaux Jardin de l'Ars Bordeaux Construction 19,600 m² 2022

Villeneuve d'Ascq Flers Lille Construction 25,600 m² >2023

DS Campus Extension 2 (50% share) Vélizy - Greater Paris Construction 27,500 m² 2022

Campus New Vélizy Extension (50% share) Vélizy - Greater Paris Construction 14,000 m² >2022

Ita

ly o

ffic

es

Total France Offices 300,000 m²

Symbiosis (other buildings) Milan Construction 66,000 m² 2020-2022

The Sign D Milan Construction 11,400 m² 2021

Mix

ed

-us

e Total Italy Offices 77,400 m²

Alexanderplatz - 1st tower Berlin Construction 60,000 m² 2024

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

Additonal constructabilty (Hotels portfolio) France, UK, Germany Construction 100,000 m² >2022

Mixed-Use 230,000 m²

German Residential Berlin Extensions & Constructions 198,000 m² >2022

Total 805,400 m²

H1 2019 RESULTS 50

MANAGED PIPELINE AT END-JUNE 2019 / €4 BILLION AT 100%

1 Surfaces at 100%

Future line 15

of the Grand Paris metro

Paris

51

IRO & FLOW / TWO SMART & ATTRACTIVE DEVELOPMENTS

IRO

MALAKOFF-MONTROUGE-CHATILLON BUSINESS DISTRICT

FLOW

8 min

8 min

Chatillon-Montrouge hub

New space availableuntil 2020

Only 32,000 m²

2018 take-up

115,000 m²

Source: CBRE

Office sotck

~1 million m²

€139 m total cost

6.0% yield on cost

€115 m total cost

6.6% yield on cost

100% pre-let to EDF

FLOW – 23,500 m²

IRO – 25,600 m²

MARKET

H1 2019 RESULTS 52

SILEX 2 / PRIME LOCATION IN LYON CBD

Infrastructure under renovation or construction

(train station, residential, shopping mall)Office deliveries 2022 & later

Tramway

30 min to airport

Office deliveries 2020 –Silex 2

Metro & Tramway

Lyon Part-Dieu business district

New space availableuntil 2021

Only 20,000 m²

Office Stock

>1 million m²

Source: JLL

€166 m total cost

shared at 50%

6.0% yield on cost

50% pre-let

SILEX 2 – 30,900 m²

MARKET

APPENDIX

H1 2019 KEY PERFORMANCE INDICATORS

53H1 2019 RESULTS

Group share data

Historically high occupancy rates

2009

95.4% 94.8% 95.8%

2010 2011 2012

95.5%

2013

96.0%

2014

98.2%

2015

97.1%

2016

96.3% 96.7%

2017*

98.0%

2018*

2018*

Rents: at like-for-like scope

Change in like-for-like vs N-1

+3.3%

2010

+0.6%

2011 2012

+2.1%+1.2%

20132009

+2.2%

+3.4%

2014 2015

+0.2% -0.1%

+0.2%

+2.1%

2016 2017*

> Ability to retain the tenant

> Occupancy rate track record in the development pipeline

> Anticipate disposals

> Stable occupancy rate

> Positive outlook for rental markets> Dynamic investment market

> Asset management and development pipeline value creation

Firm lease expiries as % of annualised rental income

Commercial portfolio (75% of total rents Group Share)

Long average lease term

2009

5.8 6.1 6.0

2010 2011 2012

5.5

2013

5.8

2014

7.1

2015

5.8

7.3 7.2 6.6

2016 2017* 2018*

H1 2019 RESULTS 54

A STRATEGY SUPPORTED BY SOUND INDICATORS

2017*

Growth in value

Change in like-for-like vs N-1

2009

+5.3%

+1.3%

2010 2011 2012

-0.3%+0.5%

2013

-3.6%

2014

+4.8%

2015

+2.1%

+4.4%

2016

+6.8%

+2.9%

2018*

*Strategic portfolio only

> Partnership strategy

> Lease maturity in Hotels: 13.9 years

98.1%

H1 2019*

+3.4%

H1 2019*

7.2

H1 2019*

H1 2019*

+4.4%

H1 2019 RESULTS 55

OFFICES / BE THE BEST OPERATOR FOR OUR END-USERS

… AND 4 PROJECTS ONGOING IN PARIS, LYON, MILAN, BORDEAUX FOR 16,500 M²

70% large corporates

>12 month average contract length

• PARIS CBD3,300 m² → 91% occupancy

• PARIS GARE DE LYON5,100 m² → 86% occupancy

• PARIS MONTMARTRE1,400 m² → 100% occupancy

• MARSEILLE EUROMED2,300 m² → 98% occupancy

FOLLOW THEIR WISHESthrough a new FLEX-OFFICES solution

4 SITES OPEN 90% OCCUPANCY ON AVERAGE

H1 2019 RESULTS 56

RENTAL INCOME H1 2019

Back to page 34

100% Group share

(€ million)H1 2018 H1 2019

Change

(%)H1 2018 H1 2019

Change

(%)

Change

(%)

LfL 1

% of

revenue

France Offices 137.6 130.3 -5.3% 123.3 115.1 -6.6% +3.9% 34%

Paris 45.4 42.6 -6.3% 43.6 40.0 -8.3% +6.6% 12%

Greater Paris (excl. Paris) 67.2 66.2 -1.5% 55.6 54.4 -2.2% +2.2% 16%

Major regional cities 15.2 14.2 -6.8% 14.4 13.4 -6.7% +4.9% 4%

Other French Regions 9.8 7.4 -24.9% 9.8 7.4 -24.8% -0.6% 2%

Italy Offices 96.5 94.5 -2.1% 41.9 72.9 +73.9% +1.4% 22%

Offices - excl. Telecom Italia 47.3 50.4 +6.6% 26.6 50.4 +89.5% +1.5% 15%

Offices - Telecom Italia 49.2 44.0 -10.5% 15.3 22.5 +46.8% +1.2% 7%

German Residential 118.7 124.3 +4.7% 75.3 79.8 +5.9% +4.4% 24%

Berlin 56.6 62.7 +10.8% 36.3 40.5 +11.7% +5.3% 12%

Dresden & Leipzig 11.1 12.1 +8.8% 7.0 7.7 +10.2% +3.2% 2%

Hamburg 7.8 8.0 +2.4% 5.2 5.2 +0.5% +2.1% 2%

North Rhine-Westphalia 43.2 41.5 -3.9% 26.9 26.3 -2.3% +4.1% 8%

Hotels in Europe 128.3 148.9 +16.1% 48.0 59.1 +23.1% +2.0% 17%

Hotels - Lease Properties 94.6 117.7 +24.4% 34.4 46.1 +33.9% +1.9% 14%

France 49.5 48.2 -2.6% 15.5 16.2 +4.4% +1.8% 5%

Germany 13.5 16.8 +24.5% 5.5 7.1 +29.3% +2.3% 2%

UK 0.0 22.1 n.a. 0.0 9.5 n.a. n.a. 3%

Spain 10.6 17.1 +62.2% 7.3 7.4 +1.3% +0.9% 2%

Belgium 17.4 7.3 -58.0% 4.5 3.2 -29.9% +4.7% 1%

Others 3.7 6.2 +68.0% 1.6 2.7 +67.9% +1.1% 1%

Hotels - Operating Properties (EBITDA) 33.7 31.2 -7.4% 13.6 13.0 -4.4% +2.4% 4%

Total strategic activities 481.1 497.9 +3.5% 288.5 326.9 +13.3% +3.4% 96%

Non-strategic 25.4 15.5 -38.8% 14.2 12.0 -15.8% -1.7% 4%

Retail Italy 8.0 5.9 -25.8% 4.5 5.9 +31.9% -2.4% 2%

Retail France 13.2 6.3 -52.2% 5.5 2.7 -50.5% -0.7% 1%

Other (France Residential) 4.2 3.3 -21.4% 4.2 3.3 -21.5% n.a. 1%

Total revenues 506.5 513.5 +1.4% 302.7 338.8 +11.9% +3.3% 100%1 LfL : Like-for-Like

APPENDIX

DEBT PROFILE

57H1 2019 RESULTS

H1 2019 RESULTS 58

DISCIPLINED FINANCING POLICY SUITED TO DIVERSIFIED& HIGH-QUALITY PORTFOLIO

39.2% LTVNew target

1.55% cost

5.8x ICR

< 40% already reached

84% hedge over 5 years

74

301472

378

712

1 327 1 2741364

1660

2019 2020 2021 2022 2023 2024 2025 2026 >2026

Debt maturities (in €million, Group share)

6-YEAR DEBT MATURITY

WELL DIVERSIFIED DEBT

S&P rating: BBB+, stable outlook

Investor mortages facilities5%

Bonds 32%

Corporate credit facilities18% Bank mortage loans

45%

52%

unsecured

Back to p. 37

APPENDIX

H1 2019 INVESTMENTS & DISPOSALS

59H1 2019 RESULTS

60

H1 2019 INVESTMENTS / €622 MILLION (€338 MILLION GROUP SHARE)

H1 2019 RESULTS

Back to page 18

Acquisitions H1 2019

realisedDevelopment capex H1 2019

(€ million Including Duties)Acquisitions

100%

Acquisitions

Group share

Yield

Group share

Capex

100%

Capex

Group share

France Offices - - n.a. 198 105

Italy Offices - - n.a. 51 48

German Residential 48 31 4.3%1 48 35

Hotels in Europe 267 115 5.4%2 10 4

Total 315 146 5.2% 307 1922

Yield in 2 years after reletting of vacant spaces. Immediate yield is 3.0% on acquisitions realised.

3 Including the acquisition a 32% stake in a portfolio of 32 hotels operated by Accor closed on 1st July 2019, with a potential yield of 5.3% (immediate yield of 4.8%).

(€ million)

Disposals

(agreements as

of end of 2018

closed)

Agreements

as of end

of 2018

to close

New

disposals

H1 2019

New

agreements

H1 2019

Total

H1 2019

Margin vs

H1 2019

value

Yield

Total

Realised

Disposals

1 2 3 = 2 + 3 = 1 + 2

France Offices 100 % 3 31 64 193 257 4.1% 4.5% 67

Group share 3 31 64 193 257 4.1% 4.5% 67

Italy Offices 100 % - - 3 265 267 1.0% 5.4% 3

Group share - - 1 265 266 1.0% 5.4% 1

German Residential 100% 20 9 10 21 30 74.9% 1.9% 30

Group share 13 6 6 13 20 75.1% 1.9% 19

Hotels in Europe 100 % 283 - 49 113 162 11.6% 6.0% 331

Group share 65 - 20 25 44 11.0% 6.3% 85

Non-strategic (France Resi.,

Logistics, Retail in France)100 % 116 91 0 16 16 8.7% 5.8% 116

Group share 116 91 0 15 15 9.0% 5.6% 116

Total 100 % 423 132 125 608 732 6.4% 5.1% 547

Group share 198 129 91 510 602 4.7% 5.0% 289

H1 2019 RESULTS 61

H1 2019 DISPOSALS / €732 MILLION OF NEW DISPOSALS

Back to page 19

APPENDIX

MARKETS & PORTFOLIO BREAKDOWN

62H1 2019 RESULTS

280,000 m²

H1 2019 RESULTS 63

OFFICE MARKET / STRONG DEMAND FOR NEW BUILDINGS IN GREATER PARIS…

Sources: CBRE, Crane Survey

PARIS 1st RING WESTERN CRESCENT

156,000 m²

350,000 m²TAKE-UP OF NEW

& RESTRUCTURED

SPACES(average 2017-2018)

OFFER ON

NEW SPACES(yearly average of

immediate offer of new

or restructured spaces

+ available surface on

constructions until 2021)

GAP BETWEEN

OFFER AND

DEMAND

560,000 m²for 3 years

187,000 m²per year 434,000 m²

for 3 years

144,000 m² per year

491,000 m² for 3 years

163,000 m² per year

AVERAGE

ECONOMIC RENT

ON NEW SPACE

~160,000 m²

~120,000 m²

~12,000 m²

+7%IN ONE YEAR

Back to p.26

H1 2019 RESULTS 64

… AS WELL AS IN MILAN

Source: C&W

100 000

200 000

300 000

400 000

2014 2015 2016 2017 2018 2019 2020 2021(F) (F) (F)

IMMEDIATE OFFER ON NEW OR RESTRUCTURED SPACES

TAKE-UP OF NEW OR RESTRUCTURED SPACES

EVOLUTION OF OFFICE DEMAND VS OFFER ON NEW SPACEm²

PRIME RENTS

€600/m²

+5%IN ONE YEAR

Back to p.26

H1 2019 RESULTS 65

PARIS OFFICE MARKET / RENTAL MARKET H1 2019

Western crescentStock: 8,778,000 m²

Take-up: 239,500 m² (-39% YoY)

Vacancy rate: 8.5%

Rents on 1st hand : +8%

Rents on 2nd hand : +3%

Velizy-MeudonStock: 800,000 m²

Take-up: 16,500 m²

Vacancy rate: 13.7%



1st ringRents on 1st hand : +7%

Rents on 2nd hand : -8%

Take-up: 229,500 m² (+27%)

Vacancy rate: 5.5%

Stock: 8,529,000 m²

Rest of ParisRents on 1st hand : +6%


Take-up: 213,000 m² (-12.9%)

Vacancy rate: 2.13%

Stock: 8,648,000 m²

Paris CBDRents on 1st hand : +6%


Take-up: 267,000 m² (-12%)

Vacancy rate: 1.56%

Stock: 8,801,000 m²

La DéfenseStock: 3,355,000 m²

Take-up: 46,000 m² (-35%)

Vacancy rate: 4.30%

Rents on 1st hand : -4%


Greater ParisTake-up: 1.1 million m²

Vacancy rate: 5.1%

Stock: 56 million m²



Sources: C&W, ORIE

H1 2019 RESULTS 66

COVIVIO FRANCE OFFICES PORTFOLIO

A €6.8 billion portfolio at 100% (€5.7 billion in Group share) at end-June 2019

The strategic locations in Paris, the Inner Ring and the Major regional

cities represent 96% of the portfolio

13%Major Regional Cities

38%Paris

25%Western Crescent and La

Défense

20%1st Ring

1%2nd Ring

3%Regions

PARIS CENTER OUEST

LA DÉFENSE

REST OF PARIS

WESTERN CRESCENT

VÉLIZY MEUDON

FIRST RING

COVIVIO ASSETS

(% of the portfolio in Group share)

MAJOR BUSINESS DISTRICTS

1-3 %

<1 %

3-6 %

6-9 %

9-12 %

20 %

Covivio’s Greater Paris Portfolio

H1 2019 RESULTS 67

ORANGE PORTFOLIO IN PARIS / A SIGNIFICANT RESERVE OF GROWTH

SURFACE AREA

131,500 m²

17 ASSETS IN HIGH-QUALITY LOCATIONSWITH SIGNIFICANT GROWTH POTENTIAL

VALUATION

€1.1 BN€8,590 / m²

RENTAL INCOME

€51 M€386 / m²

Levallois

Maillot

Carnot

Laborde

Anjou

Montmartre

Provence

Jemmapes

MénilmontantVoltaire

Philippe Auguste

Gobelins

Bobillot

Keller

Raspail

Gutenberg

Boulogne

Committed project

PARIS CBD

H1 2019 RESULTS 68

MILAN OFFICE MARKET / RENTAL MARKET 2018

Linate Airport

Milanofiori

Navigli

Lorenteggio

City Life

Certosa Maciachini

Bicocca

Lambrate /Forlanini

Ripamonti

PORTA NUOVA

CBD

CENTER SEMI-CENTER

PERIPHERY

(-2 pts)(stable)

(-0.1 pt)(+7%)

(-0.1 pt)(+10%)

(-1.2 pts)(+4%)

(-0.9 pt)(+8%)

Source: CBRE

Centre

Semi-centre

Periphery

CBD

Porta Nuova

M4

M4

M2

M2

M1

M1

M1

M5

M3

M3

Linate Airport

M5

Milanofiori

Navigli

Lorenteggio

City Life

Certosa Maciachini

Bicocca

Lambrate /Forlanini

Ripamonti

H1 2019 RESULTS 69

COVIVIO ITALY OFFICES PORTFOLIO

A €3.9 BILLION PORTFOLIO AT 100% AT END-JUNE 2019

(€3.2 billion Group share)

6%Other

74%Milan

11%Northern Italy

4%Turin

4%Rome

1 Offfices only; excluding Retail (non strategic)

Milan: a €2.5 billion portfolio1 (€2.4 billion Group share)

focused on the best locations

20%Periphery

24%Center &

Semi-Center

56%CBD & Porta Nuova

Rental portfolio

Acquisition signed in 2018

Developments

37 %Midscale

26%Economic

37%Upscale

Accor25%

IHG19%

B&B13%

RHG8%

Marriott7%

NH7%

Hotusa3%

Barcelo3%

Other14%

France32%

Germany27%

United Kingdom

17%

Spain12%

Belgium7%Netherlands &

Portugal5%

H1 2019 RESULTS 70

COVIVIO HOTEL PORTFOLIO

A €5.7 billion hotel portfolio at 100% at end-June 2019

(€2.3 billion Group share)

%in revenue

%in revenue

%in value

Paris

30, avenue Kléber

75116 Paris

Tel.: +33 1 58 97 50 00

CONTACT

Paul ArkwrightTel.: +33 1 58 97 51 85

Mobile: +33 6 77 33 93 58

[email protected]

www.covivio.eu

Hugo SoussanTel.: +33 1 58 97 51 54

Mobile: +33 6 84 44 95 40

[email protected]

h1 2019 results - covivio

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