Covivio has signed an agreement to acquire the 8.3 per cent stake in its subsidiary Covivio Hotels held by Generali, in exchange for new Covivio shares.
The transaction – which represents the equivalent of the acquisition of €500 million of assets and a capital increase of nearly €300 million - will be carried out on the basis of an exchange ratio of 31 Covivio shares for 100 Covivio Hotels shares
Covivio Hotels is currently 43.9 per cent owned by Covivio and 53.5 per cent by long-term institutional investors: Crédit Agricole Assurances, BNP Paribas Cardif, Generali, Assurances du Crédit Mutuel, Sogecap and CDC. Following the contribution transaction, which is expected to be completed by the end of April, Covivio will hold 52.2 per cent of the share capital of its subsidiary Covivio Hotels and will launch a mandatory public exchange offer for the remaining share of the capital.
Covivio Hotels' portfolio comprises 313 hotels across 12 countries, valued at €6.4 billion at the end of 2023.
What they said
Christophe Kullman, chief executive officer of Covivio said: Covivio is significantly reinforcing its position on the dynamic and growing hotel market. This transaction allows us to continue the balancing of our portfolio between offices, housing, and hotels, and to strengthen the group’s equity.”