French REIT Gecina said that it has signed an asset swap agreement with the Caisse de Retraite du Personnel Navigant (CRPN) enabling it to acquire the Carreau de Neuilly building at 106-116 avenue du Général de Gaulle in Neuilly-sur-Seine, near Paris, for €306 mln excluding duties.
The office building, which is 90% occupied, offers around 34,000 m2 of floor space.
In exchange, Gecina is selling two fully-let mature office buildings in Neuilly and Paris for a total of €238 mln excluding duties, with the price differential covered by a balancing payment.
With this operation, Gecina is selling a 17,500 m2 building at 12-16 boulevard du General Leclerc in Neuilly-sur-Seine; a building located at 22 rue du Général Foy in Paris’ 8th arrondissement with nearly 3,200 m2 of space.
Méka Brunel, Chief Executive Officer, said: 'With this major transaction, based on an asset swap, the Group is further strengthening its future value creation potential in the Paris Region’s most central sectors. It illustrates Gecina’s know-how to capitalize on investment opportunities in a particularly competitive market, especially in the centrality sectors that are highly sought after today.'
