French REIT Eurosic said it has signed an agreement to acquire an office portofolio largely located in the French regions for a total of €338 mln.
The package, consisting of 38 buildings, will increase Eurosic's exposure to the large French metropolises, the company said in a statement.
The deal is expected to complete at the end of October.
'The acquisition of a diversified portfolio, located in major French regional cities, is fully in line with Eurosic's strategy to maintain a significant exposure to these markets,' commented the company's real estate director Louis Bayon.
The acquisition comes in the midst of Eurosic's takeover battle with Gecina for smaller listed peer Foncière de Paris. French REIT Eurosic has already built up a 27% stake in FdP, which owns a €2.6 bn portfolio focused on prime assets in central Paris and the Western Crescent. The company launched a public tender offer of €136 a share for the group back in April.
Rival Gecina is offering €150 a share for the office landlord, valuing FdP at about 10% more than Eurosic.
A merger between Eurosic and Foncière de Paris would create a combine with a portfolio valued at over €5 bn, 85% of which located in Paris. The group would focus on office, healthcare and leisure assets.
