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Covivio 9-month revenue rises 10.8% YOY

Covivio's revenue for the nine-month period ended Sept. 30 rose 10.8% year over year on a group-share basis to €511 million, due mainly to strong investment in 2018 and the company's merger with Beni Stabili.

On a like-for-like basis, revenue for the period was up 2.8%, exceeding the 2019 growth target of 2.5%.

Total rental income came to 723 million and 489 million on a group-share basis.

In France offices, rental income rose 3.2% at a like-for-like scope, compared with 2.8% growth in 2018, with the French real estate investment trust attributing the performance mainly to new leases in 2018, signed primarily in the first half.