French real estate investment trust Covivio is targeting €1.5 billion of asset sales by the end of 2024.
The disposals will include some from its hotels division with new joint disposals sales alongside AccorInvest planned, mainly to franchisees. The group also plans to sell mature hotels post-asset management work, both in France and abroad.
As part of the disposal plan, Covivio has signed new binding disposal agreements totalling €154 million in recent weeks, which brings the annual total to €441 million. Further disposals totalling €300 million are under consideration.
Covivio owns a portfolio worth €17.8 billion spread across a number of different asset classes (offices, residential, hotel real estate) and countries (mainly Germany, France and Italy). European hotels represent around 13% of Covivio’s portfolio.
As well as selling assets Covivio is also reducing some of its planned investments.