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Covivio selling nonstrategic assets worth €482M

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Covivio selling nonstrategic assets worth €482M

Paris-based real estate investor Covivio agreed to €482 million worth of deals to dispose of nonstrategic assets.

An institutional investor will buy 59 B&B-branded hotels for €272 million, reflecting a yield rate of 5.04%, including fees. The portfolio, which is 50.2% owned by the group's Covivio Hotels unit and 49.8% by Crédit Agricole Assurances and Assurances du Crédit Mutuel, comprises assets in the regions and in the Ile-de-France suburb. Covivio's B&B-branded hotels in France will be down to 126 following the sale.

Covivio is also selling 23 Jardiland properties, located in the outskirts if French cities, for €108 million, as well as the Sunparks holiday village in De Haan, Belgium, for €102 million.