By Olivia Bugault

Covivio SA (COV.FR) said Monday that its subsidiary Covivio Hotels SCA (COVH.FR) has acquired a 32% stake in a portfolio of Accor SA (AC.FR) hotels valued at 176 million euros ($198.9 million).

The stake was acquired from AXA SA's (CS.FR) unit AXA Investment Managers on behalf of one of its clients, the French real-estate company said.

The portfolio--which is valued at EUR550 million--contains 32 hotels located in France and in Belgium. The portfolio will be jointly owned by the Caisse des Depots and Societe Generale Assurances and will be managed by Covivio, it said.

Write to Olivia Bugault at olivia.bugault@dowjones.com

(END) Dow Jones Newswires

July 01, 2019 13:05 ET (17:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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