Gecina (Paris:GFC) is announcing that it has agreed to sell five office buildings located outside of Paris, representing a total of over 25,000 sq.m, for nearly €112m excluding duties, achieving a premium versus their latest free appraisal values from end-2019.
These sales are in line with the Group's portfolio rationalization strategy in order to further strengthen its centrality.
On December 16, Gecina finalized the sale of a portfolio of four multi-tenant buildings in Boulogne-Billancourt and Vincennes representing nearly 12,000 sq.m to Carac, Mutual Savings, Retirement and Provident Fund, advised by Atream.
On December 15, the Group also finalized the sale of an office building in Antony with around 13,600 sq.m to the PATRIMONI Group.
On these operations, Gecina was advised by the notary's office Cheuvreux.
Méka Brunel, Chief Executive Officer: "By selling mature and non-strategic assets for the Group, Gecina is continuing to move forward, in the current context, with the strategy to realign its portfolio and further strengthen its exposure to the Paris Region's most central sectors".
As a specialist for centrality and uses, Gecina operates innovative and sustainable living spaces. The Group owns, manages and develops Europe's leading office portfolio, with nearly 97% located in the Paris Region, and a portfolio of residential assets and student residences, with over 9,000 apartments. These portfolios are valued at 20 billion euros at end-June 2020.
Gecina has firmly established its focus on innovation and its human approach at the heart of its strategy to create value and deliver on its purpose: "Empowering shared human experiences at the heart of our sustainable spaces". For our 100,000 clients, this ambition is supported by our client-centric brand YouFirst. It is also positioned at the heart of UtilesEnsemble, our label setting out our commitment to the environment, to people and to the quality of life in cities.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60 and Euronext 100 indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability benchmarks and rankings (GRESB, Sustainalytics, MSCI, ISS ESG and CDP).
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