Covivio (formerly Fonciere des Regions) is a holding company of real estate investment (REIT) companies that own residential and commercial properties in 8 countries (mostly Europe). Its business comes from the rental and leasing of properties (including hotels and car lots) over 70% of which is office space in France and Italy. Its biggest clients are major companies the largest of which is France Telecom which rented half of Fonciere's office space in France. Other major customers are Telecom Italia and Electricite de France and IBM. The company has a 15% interest in France's biggest business park developer, Altarea SCA. Most properties are under its control however there are also about 60 properties that it has a minor stake in (interests in them range from 25 to 38 percent).