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Foncière des Régions changing name to Covivio

French real estate investment trust Foncière des Régions is changing its name to Covivio to reflect the company's geographic growth since its creation.

The REIT, which initially targeted property investments in France, now also operates in some of Europe's major cities, with a total portfolio worth €21 billion and a development pipeline of 5.1 billion.

Covivio is expected to trade under the ticker COV, with the name change of the securities issued by Foncière des Régions to take effect in the Euronext systems from June 5.

The change in the corporate name remains subject to the approval of the extraordinary general meeting to be held Sept. 6.

Covivio aims to expand further into the hotel, office and housing sectors of Europe and the U.K., along with its subsidiaries, Foncière des Murs, Germany-based Immeo and Italy-based Beni Stabili, which it is set to merge with by 2018-end.