Covivio: EUR 300 million for hotel purchases in Italy

The long-term strategic objective remains that of bringing the group's investments in offices, residential and hotels to an equal split (one third each) by 2030. 'Today,' explains Alexei Dal Pastro, Covivio's Italy CEO, 'in the country we have four hotels, two in Venice, one in Florence and one in Rome, for 280 million. But we have a further 300 million in acquisitions under negotiation, on hotels alone and in Italy alone. We are concentrating on the so-called city hotels, with a focus on the right mix of business and leisure, but selecting opportunities only in certain cities, such as Milan, Rome, Bologna, Florence, Venice and Naples'.

Va avanti, dunque, la crescita dell’esposizione del gruppo verso gli immobili a uso alberghiero, anche convertendo in hotel alcuni asset a uso ufficio, sia in Francia sia in Italia. A fine giugno 2025 Covivio disponeva, infatti, di una pipeline identificata di quattro immobili e 600 camere, con costi totali (compreso il terreno) pari a 240 milioni di euro (220 milioni di euro quota di pertinenza del gruppo, di cui un investimento di 105 milioni di capex). Questi progetti alberghieri sono situati nella parte orientale di Parigi, vicino alla Butte aux Caille e al Marais, a Boulogne-Billancourt, ma anche in Italia, a Bologna, «il cui immobile verrà consegnato nel 2027/2028», ha aggiunto Dal Pastro.
Attualmente Covivio – che ha rafforzato di 400 milioni la quota di pertinenza del gruppo sul segmento hotel con un rendimento del 6%, principalmente tramite progetti di trasformazione di uffici in hotel – possiede già un portafoglio di 277 strutture alberghiere in 11 Paesi, per un valore di 6,6 miliardi

"In 2025," added Dal Pastro, "we delivered four new headquarters in Milan, the one of L'Oréal Italia in The Sign, the redeveloped and historical building in Corso Italia, and in recent weeks the new offices of Snam and Moncler in the Symbiosis area of Milan. We also signed 16 new leases for over 14 thousand square metres and 3 renewals for over 2 thousand square metres. We sold over 60 million non-core offices and former Telecom properties.

Meanwhile, in the first nine months, the Covivio group posted €533m in revenue share (€798m at 100%), i.e. +4.8% on a like-for-like basis, thanks to a 3.5% growth and property turnover. In June, it acquired the remaining capital of the iconic CB21 tower in Paris-La Defence, thus becoming the exclusive owner of the 68,000 sqm hotel property.

On the other hand, on the office properties front, rents increased by +3.6% at constant perimeter and with an occupancy rate that remained at 95.5% (in Italy, Dal Pastro pointed out, "we are above the average of France and Germany, at 98%"). Residential properties in Germany also recorded an acceleration in rents at constant perimeter: +4.8%, compared to +4.3% in 2024. The 2025 recurring net profit target (adjusted Epra Earnings) thus stands at around EUR 515 million, up 8% on 2024 (+4% per share).