Brief: Covivio In Negotiations With Accorinvest On Consolidation Of Their Hotel Properties, Business Assets Ownership

Covivio SA

07/11/2023 17:40

Nov 7 (Reuters) - Covivio SA  CVO.PA :
    * ENTER INTO EXCLUSIVE NEGOTIATIONS WITH ACCORINVEST WITH
VIEW TO
CONSOLIDATE OWNERSHIP OF PREMISES AND BUSINESS OF THEIR HOTELS
    * OWNS 54 HOTELS RENTED TO ACCORINVEST
    * CONSOLIDATION OPERATION WOULD TAKE FORM OF  EXCHANGE OF
BUSINESS
ASSETS, CURRENTLY HELD BY ACCORINVEST, FOR HOTEL PROPERTIES
BELONGING TO COVIVIO HOTELS
    * ON COMPLETION OF THE TRANSACTION, COVIVIO HOTELS WOULD OWN
24
HOTELS AND FUNDS AND ACCORINVEST 10
    * THE AGREED VALUE OF THE PREMISES SOLD TO ACCORINVEST
REPRESENTS
APPROXIMATELY EUR 210 MILLION AND THE AGREED VALUE OF THE
BUSINESS ASSETS PURCHASED BY COVIVIO HOTELS REPRESENTS
APPROXIMATELY EUR 260 MILLION
    * BASED ON 2022,  ANNUAL RENTS OF ASSETS SOLD TO ACCORINVEST
REPRESENT €9 MILLION AND EBITDA OF BUSINESS ACQUIRED BY COVIVIO
€25 MILLION
    * OPERATION SHOULD BE COMPLETED IN THE SECOND HALF OF 2024

Source text: https://tinyurl.com/3uu33xjz
Further company coverage:  ACCP.PA 

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