French listed property group Gecina has sold four Club Méditerranée holiday villages in France as part of its strategy repositioning.
French listed property group Gecina has sold four Club Méditerranée holiday villages in France as part of its strategy repositioning.
The properties located in Val d’Isère, La Plagne, Peisey Vallandry and Opio were sold to local insurer Assurances du Crédit Mutuel for a total of €280 mln excluding duties, reflecting an internal rate of return of 13.8%.
This divestment is in line with Gecina’s strategy to refocus the business on its core office and nursing home assets and follows the sale of the logistics business, which was finalized in 2012.
The Club Méditerranée holiday villages were bought by Gecina in 2005 for €194 mln. The group invested €43 mln in upgrading the assets.
Gecina was advised in the sale by BNP Paribas, the law firms Fairway and De Pardieu, and the notary's office Wargny Katz. The buyer was advised by the notary’s office Hitier and by the Caryatid Advisory firm.
Gecina owns, manages and develops a portfolio worth €11 bn largely consisting of offices, residential and alternative properties.
Earlier this week, the company sold the Mercure tower in the 15th arrondissement of Paris to Aviva Investors Real Estate France. The single-tenant asset was divested for an undisclosed amount.
