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    COV   FR0000064578

COVIVIO

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Covivio : Acquisition of a residential portfolio with more than 640 units

01/10/2022 | 02:18am EDT

Covivio announces the acquisition of a residential portfolio with more than 640 units located in the most dynamic districts of Berlin, from the Berlin based investment company Nox Capital. With this operation, representing a total investment of €154M (€95M Group Share), Covivio reinforces its presence in the Berlin residential market, where the group already owns and manages on a long-term perspective more than 17,000 units.

All properties are located in attractive inner-city locations with excellent public transport connections, such as Charlottenburg-Wilmersdorf, Friedrichshain-Kreuzberg, Tempelhof-Schöneberg and Tegel.

The portfolio includes classic Berlin apartment buildings from the 1900s-1930s, and a modern residential complex with subsidized rents.

Covivio intends to deploy its successful asset and property management approach on this portfolio, meaning conduct a works program to upgrade the overall quality and comfort of the housing; focus on environmental performance thanks to dedicated measures; and realize, when relevant, extensions or densifications programs to provide new apartments to the growing Berlin population.
Covivio, rated as fairest landlord for the third time , offers quality apartments and services to all kinds of clients. This transaction illustrates Covivio's ability to identify the best opportunities, in line with its strategy and the know-how of its team in the heart of German cities.

Dr. Daniel Frey, CEO Covivio in Germany, says: "In 2022, we will continue to expand our rental housing stock and pursue our investment strategy to strengthen our presence in the Covivio core markets of Berlin, Hamburg, Dresden, Leipzig and North Rhine-Westphalia. Keeping in mind our triple objective of creating value, improving the environmental quality of the portfolio and designing a residential offer adapted to each market."

Disclaimer

Covivio SA published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 07:17:03 UTC.


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Financials
Sales 2022 984 M 1 024 M 1 024 M
Net income 2022 710 M 738 M 738 M
Net Debt 2022 8 671 M 9 021 M 9 021 M
P/E ratio 2022 10,9x
Yield 2022 5,85%
Capitalization 6 284 M 6 538 M 6 538 M
EV / Sales 2022 15,2x
EV / Sales 2023 14,3x
Nbr of Employees -
Free-Float 65,0%
Chart COVIVIO
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Technical analysis trends COVIVIO
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 66,65 €
Average target price 75,98 €
Spread / Average Target 14,0%
EPS Revisions
Managers and Directors
Christophe Joseph Kullmann Chief Executive Officer & Director
Paul Arkwright Group Chief Financial Officer
Jean Gaston Laurent Chairman
Marielle Seegmuller Operations Director
Marjolaine Alquier de L'epine Director-Audit, Risk & Compliance
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