The French REIT has announced plans to sell its portfolio of hotels for €181 mln.
Gecina is following through with its previously stated mission to focus on offices and residential in Paris by lining up a sale of hotels.
A preliminary purchase agreement has been signed with US group Angelo Gordon as the buyer.
The portfolio comprises assets located in the French cities of Paris, Boulogne, Bougival and Roissy, and the sale is expected to be finalised by the end of the year.
Gecina expects to achieve a premium of around 3.5% compared to last year’s appraisals, a company spokesperson said.
The company is offloading its hotels as part of a new focus upon office and residential asset classes in the central Paris area.
Gecina manages €19.3 bn of AUM making it one of the largest property companies in France.
