Gecina, Covivio, Icade, SFL, Vitura, Aroundtown, 6 major players analysed across 4 angles: financial, operational, ESG and strategic. Public data FY2024, FY2025 and H1 2025.
Interest rates, remote work, the French Tertiary Decree: three forces reshaping the map of office REITs in Europe. Before diving into the detailed comparison, let us frame the stakes.
The post-remote-work shock remains structural. Five years after hybrid work went mainstream, office demand has not returned to its pre-2020 level in secondary locations (Greater Paris region outside the CBD, regional metros). Companies are optimising their footprints and concentrating leases on prime assets, well served by transport and certified. The result: a clear polarisation between a prime segment (occupancy > 95%) and a secondary segment (rising vacancy, downward rental pressure). In France, office space granted planning permission fell by −13.8% in 2025, a sign of supply adjusting to real demand.
The French Tertiary Decree and energy ratings reshape portfolio economics. The Tertiary Energy Decree requires buildings over 1,000 m² to reduce consumption by −40% by 2030, −50% by 2040 and −60% by 2050, either in relative or absolute terms. For REITs, this translates into heavy refurbishment programmes on energy-intensive assets, and into rapid discounts on F/G-rated buildings, increasingly hard to re-let and finance. Players without the financial capacity to invest in their portfolio see their trajectory deteriorate.
The rate environment is beginning to ease. The sharp rise in the 10-year French OAT yield in 2022-2023 compressed sector EPRA NTAs by −15 to −25% depending on the player, over two years. 2024 marked the trough for most, and 2025 opens with stabilisation and then a slight easing in long rates, with positive effects expected on valuations, though the cost of debt to be refinanced remains elevated compared with 2016-2021.
Paris prime, European diversification, trophy assets, Paris-region landmark towers, German conglomerate: the panel covers the full range of listed office positionings.
Revenue, recurring profitability, EPRA NTA per share, leverage and credit rating: six profiles differentiated by their ability to navigate the cycle.
| Indicator | Gecina | Covivio | Icade | SFL | Vitura | Aroundtown |
|---|---|---|---|---|---|---|
| 2024 portfolio (€B) | 17,0 | 23,0 | 6,8 | 7,5 | 0,9 | 17,0 |
| 2024 revenue (€M) | 664 | 970 | 400 | 254 | 55 | 1 200 |
| EPRA recurring net income (€M) | ~495 | ~530 | ~170 | ~119 | ~9 | ~288 |
| EPRA NTA per share (€) | ~144 | ~83 | ~57 | ~85 | ~15,9 | ~8,5 |
| Dividend per share (€) | 5,45 | 3,75 | 4,84 | 2,85 | ~1,09 | 0.08 (resumed) |
| LTV | 38,3 % | 38,9 % | 38,1 % | ~35 % | ~68 % | 41 % |
| Credit rating | A− (S&P) | BBB+ | BBB+ | BBB+ | N/A | BBB+ |
LTV remains the key solidity metric. Gecina, Icade, Covivio and Aroundtown sit around 38-41%, an acceptable zone for the sector but one that leaves little buffer in case of further asset impairments. SFL, lower (~35%), benefits from an ultra-prime portfolio that is barely exposed to valuation cuts. Vitura, conversely, shows very high leverage, reflecting a smaller portfolio more recently hit by impairments.
Aroundtown resumes dividend payments in 2026. After suspending payouts to preserve its balance sheet (loss of confidence in German commercial real estate, impairments), the group announced a symbolic dividend of €0.08 per share for FY2025 (target payout 50% of FFO I from 2026). A positive signal, to be read alongside a €250M buyback and an increased stake in Grand City Properties.
The systemic discount to EPRA NTA persists. No player in the panel trades above its EPRA NTA. Market scepticism toward the office sector translates into discounts of 30 to 70% depending on the profile, an apparent contradiction with rental fundamentals (high occupancy, positive reversion on prime) that mostly reflects the cost of capital and the perceived risk on cap rate trajectories.
Beyond sheer size, location and quality drive performance. REITs concentrated in inner Paris post operational metrics well above their secondary-market peers.
| Indicator | Gecina | Covivio | Icade | SFL | Vitura | Aroundtown |
|---|---|---|---|---|---|---|
| Total surface area (m²) | ~970k | ~1.7M | ~1.2M | ~450k | ~170k | ~8.0M |
| % offices in portfolio | ~75 % | ~52 % | ~75 % | ~100 % | ~100 % | ~52 % |
| % inner Paris (offices) | ~80 % | ~35 % | ~40 % | ~95 % | 0 % | 0 % |
| Office occupancy rate | ~94 % | ~93 % | ~87 % | ~99 % | ~81 % | ~89 % |
| WALB (years) | ~4,5 | ~5,0 | ~4,0 | ~4,5 | ~6,0 | ~4,3 |
| Average office rent (€/m²/yr) | ~650 | ~420 | ~370 | ~820 | ~300 | ~185 |
SFL and Gecina confirm the premium on the prime. SFL posts 99% occupancy with a record average rent of ~€820/m²/yr, reflecting ultra-central assets (Champs-Élysées, Louvre-Saint-Honoré, Édouard-VII). Gecina follows with a broader scope but the same logic: 80% of offices in inner Paris, €650/m², 94% occupancy.
At the other end, Vitura and Aroundtown carry the secondary exposure. Vitura focuses on large Greater Paris region towers (La Défense / Europe Avenue) with only 81% occupancy and rents around €300. Aroundtown, given its German/European scale, posts an average rent of €185 reflecting its mix of offices + hotels + residential. These two profiles are most exposed to office rental pressure.
Covivio and Icade occupy an intermediate position. Covivio benefits from its diversification (German residential, European hotels) to smooth out office pressure. Icade has begun a clear Greater Paris refocus but must still absorb the adjustments of its peripheral portfolio.
Every listed REIT in the panel trades at a discount to its EPRA NTA. Dispersion is wide and 2025 performances have begun to diverge.
| Indicator | Gecina | Covivio | Icade | SFL | Vitura | Aroundtown |
|---|---|---|---|---|---|---|
| Market cap (€B, April 2026) | ~5,2 | ~6,0 | ~1,5 | ~3,3 | ~0,07 | ~3,2 |
| Share price / EPRA NTA | ~−52 % | ~−27 % | ~−64 % | ~−12 % | ~−76 % | ~−69 % |
| Dividend yield (%) | ~7,8 % | ~6,2 % | ~24 %* | ~3,8 % | ~8,4 % | ~3,1 % |
| 1-year performance | ~−24 % | ~+18 % | N/A | ~+13 % | ~−5,5 % | N/A |
| 3-year performance | N/A | N/A | N/A | N/A | strongly negative | N/A |
*Icade: yield inflated by the exceptional distribution following the healthcare disposal; the recurring yield is rather around 8-9%.
The panel's average discount to EPRA NTA exceeds 50%. It reflects three compounded market fears: (1) a renewed rate hike that would weigh on asset valuations, (2) a structural drop in secondary office demand, and (3) the energy retrofit CAPEX to absorb. SFL, exclusively ultra-prime, escapes all three and posts the smallest discount (~−12%). At the other end, Vitura and Aroundtown, more exposed to the secondary market, suffer the heaviest discounts.
2025 marked an inflection point. Covivio (+18%) and SFL (+13%) have clearly rebounded, while Gecina is down −24% over 12 months, penalised by a higher cycle entry point. Performances are therefore diverging sharply: selectivity starts paying off.
The discount creates a potential investment ground, but an asymmetric one. Not all discounts are equal: a discount on liquid prime assets (SFL, Gecina) is a bet on the cycle; a discount on secondary assets that need retrofitting (Vitura, Icade partially) is a bet on the execution of the restructuring.
Energy regulation is reshaping the portfolio hierarchy. Already virtuous REITs consolidate their lead; the others must invest massively, or divest.
The French Tertiary Decree, in force since 2019 and strengthened in 2022, mandates a −40% cut in energy consumption by 2030 (for buildings > 1,000 m², 2010 baseline), then −50% in 2040 and −60% in 2050. Non-compliance exposes buildings to penalties and commercial stigma. The rental market is already anticipating: F/G-rated properties struggle to be re-let and see their value contract.
For REITs, this constraint produces two opposite effects: portfolios already refurbished and certified (BREEAM, HQE) consolidate their competitive edge and pricing power. Portfolios inherited from the 1990s-2000s must choose between massive refurbishment CAPEX and divestments at a discount.
| Player | Carbon target | % of portfolio certified | ESG CAPEX disclosed |
|---|---|---|---|
| Gecina | −60% CO₂ vs 2019 (already achieved) | ~70% BREEAM/HQE | ~€500M pipeline |
| Covivio | −40% CO₂ by 2030 | ~65 % | N/A |
| Icade | Net Zero 2045 | ~50 % | N/A |
| SFL | Tertiary Decree already embedded | Near 100% prime, already compliant | N/A |
| Vitura | N/A | N/A | N/A |
| Aroundtown | −50% CO₂ by 2030 | N/A | N/A |
Gecina positions itself as the sector's ESG leader. A −60% CO₂ target already achieved in 2024 versus 2019 (six years ahead of 2030), ~70% of the portfolio certified BREEAM/HQE, and a ~€500M retrofit pipeline. This ESG lead translates into access to green financing at lower rates and strengthened rental appeal for major corporate tenants.
SFL is structurally less exposed. Its near-exclusively ultra-prime portfolio is already largely compliant with energy regulations, Paris trophy properties were the first to be refurbished. The CAPEX challenge is therefore limited to high-quality maintenance.
The most exposed players are those with secondary assets. Icade (40% inner Paris, 60% periphery), Covivio on certain regional and European sites, and above all Vitura whose ESG disclosure remains thin. For Aroundtown, the sheer scale (8M m²) makes the retrofit programme a structuring topic for the coming years.
For each player: strengths, weaknesses, 2025-2026 trajectory, and the key watch-out for an investor or partner.
Five dimensions, six players, a cross-cutting read. Nexelys 1-to-5-star rating based on analysed public data.
| Player | Financial strength | Portfolio quality | ESG strategy | Growth potential | Discount to EPRA NTA |
|---|---|---|---|---|---|
| Gecina | |||||
| Covivio | |||||
| Icade | |||||
| SFL | |||||
| Vitura | |||||
| Aroundtown |
This benchmark relies exclusively on public data from 2024 and 2025 annual reports, investor presentations and H1 2025 half-year communications from the six players. All comparisons are made on a like-for-like basis, with adjustments to ensure scope consistency (REIT activity only, excluding property development or services for Icade).
Figures marked "~" indicate data sourced from half-year communications or approximations; "N/A" entries signal information not publicly available as of the publication date. Share price performances are calculated as at 20 April 2026.
This benchmark offers a snapshot of the office REITs market. To anticipate sector moves 3, 6 and 12 months ahead, Nexelys publishes a monthly Real Estate dashboard covering: