French REIT Gecina said on Tuesday that it has signed preliminary sales agreements for two office portfolios located outside Paris for a total of €775 mln.
The assets from the former Eurosic portfolio will be sold for a price in line with their June 2017 appraisals, the company added, without revealing the name of the buyers.
The sales are expected to be completed before the end of 2018.
The deals take the company's total volume of sales completed or under preliminary agreement since the start of the year to nearly €1.2 bn, helping to reduce the company's loan-to-value ratio to below 40%.
In total since the acquisition of Eurosic in the summer of 2017, the company has carried out €1.6 bn of sales, in line with its target to carry out a €1.2 bn to €2.2 bn sales programme.
Méka Brunel, CEO of Gecina, commented: 'Gecina is continuing to move forward with the roadmap presented when it acquired Eurosic. Thanks to the reduction in debt following these sales, the company has been able to successfully deliver on its commitments less than one year after acquiring Eurosic.'
