Covivio takes majority in €503M real estate venture with Blue Owl

Under the terms of the agreement, Covivio retains a 51% stake, while the real estate investment funds managed by Blue Owl Capital acquire the remaining 49%. The portfolio includes the Hélios 1 and Hélios 2 business campuses, as well as the TED research and production center, covering a total area of over 126,000 square meters.

The facilities host approximately 6,000 Thales employees, one of Europe’s leading groups in defense, aerospace, and technology, which gives the transaction significant weight both from an investment and a geoeconomic perspective.

The transaction is part of Covivio’s strategy to further restructure its portfolio, aiming to strengthen its exposure to the hotel sector and high-performing assets. At the same time, Blue Owl Capital enhances its presence in the European commercial real estate market, expanding its footprint in one of the market’s most resilient sectors.

Market analysts note that this collaboration reflects the continued shift of major investment groups toward high-quality properties with long-term tenants and strong fundamentals, at a time when the European real estate market is reassessing valuations and strategic priorities.