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Green Bond Issuance

Covivio Hotels, a subsidiary of the Paris-listed real estate operator Covivio, successfully issued a €500 million green bond, maturing in May 2033. Controlled by the Del Vecchio family’s Delfin, Covivio saw strong investor confidence, with subscriptions nearly quadrupling the offer. This demonstrates the quality of Covivio’s portfolio, 89% of which is located in major European cities.

Use of Proceeds

The proceeds will finance or refinance Covivio’s green hotel portfolio, in line with the company’s Green Financing Framework. The fixed rate of the issuance will largely be converted to a variable rate, leveraging the group’s strong hedging position (89% of debt covered by the end of 2023, with an average coverage duration of 5.6 years). This operation will strengthen Covivio Hotels’ balance sheet by extending its debt maturity.

Credit Rating and Financial Performance

On April 19, 2024, Standard & Poor’s confirmed Covivio Hotels’ BBB+ rating with stable outlooks. In 2023, Covivio showed strong performance in its hotel segment, with a RevPAR increase of 16% in Europe compared to 2019, primarily driven by a 23% rise in the average price.

Recent Acquisitions

In February, Covivio acquired 8.3% of Covivio Hotels from Generali. In return, Generali received new Covivio shares. This transaction, valued at €500 million in assets and a capital increase of approximately €300 million, means Covivio now holds a 52.2% majority stake in Covivio Hotels.

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