Covivio and Blue Owl Capital form €500m joint venture

European real estate operator Covivio and funds managed by American alternative asset manager Blue Owl Capital have established a strategic partnership to jointly acquire three Thales sites in Vélizy-Meudon, France. 

Covivio

Thales, a key player in defence and aerospace, has been present in Vélizy since 1971 within the Greater Paris innovation cluster.
Covivio has a long history of supporting Thales' expansion in Vélizy, beginning with the sale and leaseback of the TED site in 2002, followed by the delivery of the Hélios 1 campus in 2014, and the upcoming Hélios 2 campus in 2026. These three sites, covering over 126,000 m² and leased to Thales for an average of 12 years, will collectively form Thales' largest global facility, housing nearly 6,000 employees.
The agreement, finalised in late December 2025 and expected to close in the first half of 2026, involves the creation of a joint venture. Covivio will hold a 51% stake, and Blue Owl will hold 49%. This joint venture will own the three Thales sites:
The 46,750 m² Hélios 1 campus, currently co-owned by Covivio and Crédit Agricole Assurances (Crédit Agricole Assurances will sell its full stake as part of this deal).
The 41,500 m² TED production and R&D site, wholly owned by Covivio.
The new 38,000 m² "Hélios 2" campus, currently under construction and wholly owned by Covivio, with delivery anticipated in mid-2026. Covivio will continue as the developer for this forward sale.
The total valuation of these sites is €503 mln. For Covivio, this transaction represents €138 mln in sales, achieving a premium over the sites' value at the end of 2024. 
Christophe Kullmann, CEO of Covivio, said: “Covivio has built its growth on a culture of partnership, both with its tenants and its financial partners and investors. Today, we are delighted to welcome Blue Owl as a new partner and to embark on a new chapter of growth together. For Covivio, this transaction will enable us to rebalance our portfolio while retaining the means to support our major tenants in their needs.”
Marc Zahr, co-president of Blue Owl and global head of Real Assets at Blue Owl, added: “Blue Owl is excited to form a JV partnership with Covivio in its acquisition of the mission-critical Thales Campus in Vélizy-Meudon. The acquisition represents Blue Owl Real Assets’ first single-tenant transaction in France and the beginning of a new partnership with both Covivio and Thales.”