PAREF Group, through its REIT, continues to transform its property portfolio in the Paris region by focusing on strategic and growth-generating activities. Despite the current context, which has had an impact on large-scale operations in the sector, PAREF Group has been able to successfully implement its strategy and actively manage its assets, thus benefitting fully from the expected rebound from the crisis.
In this context, PAREF Group's REIT signs a three-way transaction in the fourth quarter of 2021, for a floor on the Franklin Tower, located at La Défense, the business district near Paris. Through this transaction, the asset management team assists one of their tenants in partially vacating the premises and, at the same time, signs a lease with a major subsidiary of a French banking group. This operation, which does not impact the financial occupancy rate, increases the residual period of the asset's commitments while maintaining a rent at market rate.
At the same time, following a major valuation exercise carried out by the asset management teams, the REIT closed the sale - announced during the first quarter of 2021 - of an independent office building located in Gentilly, in the inner suburbs of Greater Paris. This building was acquired by the Centre Hospitalier Vétérinaire Frégis, adviced by Rapleys LLP, and is the object of a very ambitious project to make Frégis the largest and most innovative veterinary hospital in its category.
These parallel leasing and disposal operations have enabled PAREF Group to strengthen its revenues and confirm the strength of its balance sheet.
« We are delighted to announce the closing of such major transactions, a sign of PAREF Group's expertise as well as our ability to create long-term value for our shareholders and our partners. »
Antoine Castro - Directeur Général
PAREF was advised by August Debouzy and BNP Paribas Real Estate in the Franklin Tower transaction and by Matignon Notaires and JLL in the arbitration of the Gentilly asset. CHV Fregis was advised by Etude Noter and JLL.
Financial agenda
February 17th, 2022: Annual results 2021
About PAREF Group
PAREF is a European real estate group listed on Euronext, with €2.4 bn assets under management on behalf of third parties, through PAREF Gestion and PAREF Investment Management. PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.com
Contacts Presse
Groupe PAREF
Samira Kadhi / Mélissende Debarge
07 60 00 59 52
Samira.kadhi@paref.com
Citigate Dewe Rogerson
Tom Ruvira
07 60 90 89 18
Paref@citigatedewerogerson.com
Avertissement : This document is destined for journalists and media professionals. It is provided solely as information and does not constitute in any way an investment recommendation or personalized advice.
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