Covivio and AccorInvest sign preliminary agreement on asset-swap deal (updated)

Covivio SA

21/06/2024 08:48

(Adds valuations and timeline)
       June 21 (Reuters) - Real estate company Covivio  CVO.PA 
has signed a preliminary agreement finalising terms on a
proposed asset-swap deal with AccorInvest, it said on Friday.
    The deal will involve the transfer of 24 hotel operating
companies worth 266 million euros ($283.9 million) to Covivio's
hotels subsidiary while 10 property companies worth 208 million
euros will move in the opposite direction, Friday's statement
said.
    The deal first mooted in November is expected to close
before the end of the year, Covivio said.
($1 = 0.9369 euros)
    

 (Reporting by Gdansk newsroom
Writing by Olivier Sorgho
Editing by David Goodman)
 ((Olivier.Sorgho@thomsonreuters.com;))