French real estate investment trust Gecina is acquiring a 32,200sqm two-building office complex in Paris for €435m.
Gecina is buying the complex comprising the vacant 25,000sqm Rocher building at 38-46, rue du Rocher and the fully-let 7,200sqm Hôtel Particulier building at 19-23, rue de Vienne, close to the Saint-Lazare transport hub.
The complex was put on the market in 2023 by its owner, the Deka Immobilien Europa open-ended fund, which had itself bought it in 2011 for €330m from developer and former tenant Nexity.
Gecina said it expects to undertake a 12-15-month refurbishment programme for the Rocher building with an estimated cost of €30m to €40m.
The transaction is the latest example of the firm’s strategy to reinvest proceeds from the sale of mature assets into higher-return opportunities, including development projects and repositioning initiatives, the company said.
Gecina said it completed €2bn worth of disposals in 2023 and 2024.
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