Covivio, a French listed property firm, has sold the Respiro office complex in Nanterre, France, to two SCPI funds managed by Atland-Voisin and My Share Company for €83 million ($90 million).
Covivio acquired the asset in 2013, and the property underwent a complete refurbishment in 2015 so it could accommodate a subsidiary of Vinci Construction France.
Since the start of this year, Covivio has signed disposals and agreements for disposals generating €369 million ($399 million), including €157 million ($170 million) in agreements signed since mid-March. For the most part, these sales apply to office properties in France and Italy. With this transaction, the company is pursuing its arbitrage strategy for mature core assets, supported by its dynamic asset management approach. Covivio is, therefore, confident that it will achieve its objective of generating more than €600 million ($649 million) group share in new agreements for disposals in 2020.
