Gecina buys Defense complex for EUR 350 mln

Gecina, a listed French real estate trust (SIIC), has announced it is acquiring the 58,000 Defense Ouest real estate complex from developer HRO for a total of EUR 350 mln. The complex, which is still under construction, is part of the new Portes de la Defense business district in the redeveloped urban centre in Colombes, west of Paris.

The Defense Ouest complex comprises five connected or independent buildings spread over four to seven floors, with two basement levels and 1,105 parking places. An independent building of 5,000 m² is reserved catering and other services. Gecina said the complex is very well located as it is close to a major highway linking the area to up with the A14 and A86 freeways, and there is also train, RER and bus services connections to Paris.

Defense Ouest will be delivered in two phases, with an initial 29,000 m² available in the first quarter of 2007 and the second, 24,000 m2, to be delivered in June 2007. Gecina was advised by Oudot & Associes, law firm PardieuBrocas Maffei and HISIF was the technical advisor. HRO worked with notary Wargny - Katz & Associes and law firm BMS.

Separately, Joaquin Rivero, chairman of Spain's Metrovacesa which recently acquired Gecina, has told a French newspaper that Gecina will expand outside of France through some of its units, researchers at merchant bank Kempen & Co noted.