PGGM and Foncière's French office JV buys €58m asset from Gecina
A French office joint venture owned by Dutch pension fund manager PGGM and Foncière Atland has acquired an asset from Gecina.
Gecina, a French real estate investment trust (REIT), said it is selling the Pointe Metro 2 building to the Paris Office Partnership for €58.2m.
This building, located in Gennevilliers, was delivered in 2012 and offers nearly 15,000sqm, including 13,000sqm of offices.
The asset is primarily occupied by a PSA Peugeot Citroën Group subsidiary.
PGGM entered the €250m French office joint venture with French REIT Foncière Atland, in December 2016 to target the Paris and Ile-de-France region office markets.
At the time, PGGM said the objective was to create properties that become recognised as core assets with strong income return characteristics for the long term and low carbon footprints.