La francese Gecina dismette in Francia un portfolio office da 525 mn

Gecina has finalized the sale of a portfolio of office buildings in various regions other than Paris to a group of institutional investors in which the Batipart Group has majority control. The preliminary sales agreement, announced when Gecina reported its half-year earnings, had been secured in summer 2018 for around €525m including commissions and fees.

This portfolio of 33 buildings includes assets located in Nantes, Rennes, Lille, Strasbourg, Toulouse and the Marseille-Aix-en-Provence region.

With this sale and the transaction carried out last week in Lyon with Primonial, Gecina has finalized €775m (excluding duties) of sales outside of the Paris Region following competitive tenders, further strengthening its office portfolio’s positioning in Paris and the Paris Region’s core sectors.

On this transaction, Gecina was advised by the notary’s office Cheuvreux, the law firm De Pardieu Brocas Maffei, and Catella Property.

The buyer was advised by the notary’s office ADDH & Associés (Alexandre Dechin Devriendt et Hoang) and the law firm Darrois Villey Maillot Brochier.

Méka Brunel, Chief Executive Officer: “This transaction is perfectly in line with the Group’s strategy to further strengthen its specialization on offices in the Paris Region’s most central sectors, with the LTV down to less than 40%”.

Source: Company