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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Covivio    COV   FR0000064578

COVIVIO

(COV)
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Covivio unit to buy luxury hotels portfolio from Varde - sources

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11/06/2019 | 12:57pm EDT

Real estate group Covivio Hotels is set to buy a portfolio of European luxury hotels from private equity group Varde, two sources close to the matter said on Wednesday.

The deal, which should be sealed by the year end, was worth about 500 million to 600 million euros, one of the sources said.

It follows a wave of deals in the European luxury hotels sector, including the purchase of Germany's Steigenberger hotels by China's Huazhu Group.

Varde bought a portfolio of nine hotels from Italian group Boscolo in 2017. It includes famous properties such as the Grand Hotel dei Dogi in Venice and Palazzo Naiadi in Rome.

Hotel investments are set for a record high this year in Italy, industry officials say. In the first nine months of 2019, investments in Italian hotels tripled to 2.56 billion euros compared with a year earlier, real estate services group CBRE said.

The head of Covivio's Italian arm Alexei Dal Pastro told a conference in Milan on Tuesday that Covivio was interested in investing in Italian hotels, without giving more details.

Covivio could not immediately be reached for comment on the Varde deal. Varde declined to comment.

French based Covivio has a stake of 42% in Covivio Hotels is specialised in the management and rental of real estate assets.

(This story corrects spelling in paragraph seven)

(Reporting by Elisa Anzolin; Editing by Silvia Aloisi and Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
CBRE GROUP, INC. 7.98% 42.855 Delayed Quote.-35.10%
COVIVIO 1.50% 64.35 Real-time Quote.-37.35%
COVIVIO HOTELS -0.53% 18.6 Real-time Quote.-34.39%
HUAZHU GROUP LIMITED -1.01% 28.99 Delayed Quote.-26.93%
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Financials (EUR)
Sales 2020 1 001 M
EBIT 2020 656 M
Net income 2020 393 M
Debt 2020 9 222 M
Yield 2020 8,32%
P/E ratio 2020 7,93x
P/E ratio 2021 6,26x
EV / Sales2020 14,3x
EV / Sales2021 12,7x
Capitalization 5 051 M
Chart COVIVIO
Duration : Period :
Covivio Technical Analysis Chart | COV | FR0000064578 | MarketScreener
Technical analysis trends COVIVIO
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 88,80  €
Last Close Price 58,00  €
Spread / Highest target 89,7%
Spread / Average Target 53,1%
Spread / Lowest Target 1,90%
EPS Revisions
Managers
NameTitle
Christophe Joseph Kullmann Chief Executive Officer & Director
Jean Gaston Laurent Chairman
Marielle Seegmuller Operations Director
Tugdual Millet Chief Financial Officer
Catherine Allonas-Barthe Non-Independent Director
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