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COVIVIO LOBBY Paris , 21 October 2021 , 6:00 pm Activity at end - September : positive dynamics across all activities Offices : recovery in rental activity and success of development pipeline Business revives in all our markets : take - up rises + 32 % year - on - year in France , + 40 % in Milan and + 16 % in the top 6 German cities Portfolio leases gather pace : 134,000 m² let or pre - let since January 2021 , more than half ( 70,680 m² ) in Q3 alone Success of the development pipeline : 2 deliveries in Lyon CBD ( 30,900 m² ) and Milan Symbiosis ( 18,500 m² ) , respectively 64 % and 92 % let ○ New Moncler headquarters launched in Milan : 38,000 m² pre - let for 15 years Accelerated conversion of offices into housing : 70,000 m² of new committed projects in Q3 Germany Residential : growth continues Market driven by the lack of housing , around 670,000 units of which 205,000 in Berlin Rental growth continues : + 4.1 % like - for - like growth in rental income Upside potential in asset values confirmed by recent market deals Hotels : recovery confirmed Sharp rebound in RevPar over the summer : up + 67 % on average in Europe vs 2020 Visible recovery in hotel performance : Q3 variable revenues up 216 % vs 2020 Good performance at end - September Like - for - like revenues rise sharply compared to H1 : stable at end - September vs a -2.7 % at end - June € 514 million in preliminary sale agreements ( up € 110 million in Q3 ) at an average margin of + 3.4 % on latest appraisal values : on track to hit the target of over € 600 million for 2021 Covivio's CSR excellence recognised : with a GRESB score of 90/100 ( up 5 points on last year ) , Covivio has reinforced its status as Global Sector Leader 2021 outlook ས EPRA Earnings 2021 guidance of over € 400 million