Covivio and Blue Owl Capital form JV for Thales sites

European property developer Covivio and U.S. asset manager Blue Owl Capital have set up a joint venture that owns the three Thales sites in Vélizy-Meudon, a major innovation hub in Paris-Saclay.

Thales, Velizy

Covivio has had a long-standing relationship with Thales, supporting its property development in Paris-Saclay for nearly 25 years, including previous sale and leaseback agreements and the development of the "Hélios 1" and "Hélios 2" campuses.

As of April 2026, Covivio holds a 51% stake in the joint venture, with real estate funds managed by Blue Owl Capital owning 49%. These three sites constitute Thales's largest global facility, spanning over 126,000 m2 and accommodating nearly 6,000 employees.

The entire site is valued at €503 mln. For Covivio, this transaction translates to €138 mln in sales and helps to rebalance its portfolio towards hotels.