(News Bulletin 247) – Covivio announced last night several signatures for its offices in Germany, new leases described as encouraging by analysts.
The commercial real estate group indicates that it has recently concluded two long-term agreements for a surface area of 7,800 m2 in its ‘Quartier am Zeughaus’ building in Hamburg, which brings the building’s occupancy rate to 100%.
At the same time, Covivio announces another lease for its ‘Sunsquare’ complex located east of Munich, for an area of 400m2, as well as a new amendment for the ‘CCC’ project in Frankfurt, where Vinci Energies Deutschland has planned to extend its premises by approximately 1,200 m2.
In a reaction note, analysts at Invest Securities welcome developments deemed promising.
“Remember that in the face of the low occupancy rate of the German offices, Covivio had appointed a new manager in the first quarter of 2022”, underlines the stockbroking company.
‘The recent leases are therefore encouraging and seem to demonstrate the relevance of the asset management strategy put in place by the new team’, add analysts from Invest.
According to their estimates, the new leases signed could have an impact of 2.60 percentage points on the occupancy rate of German offices, which stood at 85.1% at the end of 2022.
Listed on the Paris Stock Exchange, the former Foncière des Régions still fell by 0.1% on Friday mid-morning.
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