Covivio completes disposal of €482m of non-strategic assets

The Covivio, former Foncière des Régions, has completed the sale of a set of non-strategic assets worth €482 million ($549 million), as part of its strategy to move upmarket its hotel portfolio.

The amount of these disposals is higher than the appraisal values ​​of the goods concerned, according to a press release issued by the group.

In particular, Covivio has signed a promise to sell “to an institutional investor” for 59 B & B branded hotels located in France, for a total of €272 million ($310 million). After this transaction, Covivio will remain the owner of 126 hotels operated by this brand in France and intends to “accompany” its development in Europe.

The former Foncière des Régions also sold 23 retail assets operated by the gardening brand Jardiland in the outskirts of French cities for €108 million ($123 million). Finally, Covivio sold a holiday park, located in De Haan in Belgium, for €102 million ($116 million). The real est