French office REIT Gecina has completed two major divestments in Paris and Lyon, bringing its total disposal volume so far this year to nearly EUR 560 mln. In a statement on Thursday, Gecina said it has sold the Origami office building in the eighth arrondissement of Paris to a private investor for EUR 86 mln, reflecting a net yield of 4.7%.
French office REIT Gecina has completed two major divestments in Paris and Lyon, bringing its total disposal volume so far this year to nearly EUR 560 mln. In a statement on Thursday, Gecina said it has sold the Origami office building in the eighth arrondissement of Paris to a private investor for EUR 86 mln, reflecting a net yield of 4.7%.
The scheme, located at 34-36 avenue de Friedland, provides 4,760 m2 of office space, completely redeveloped in 2010 and fully let to Barclays Capital as its French headquarters under a 12-year lease.
Separately, Gecina has also sold five residential buildings part of its housing portfolio in Lyon for nearly EUR 172 mln, or a net exit yield of 4.6% based on full occupancy. The buyer is an investment fund advised by DTZ Asset Management.
The properties, offering a total of 80,200 m2, represent 73% of Gecina's residential portfolio in Lyon. In a statement, Gecina said 'the deal is consistent with Gecina's strategy to focus on the Paris region and to optimise returns from its portfolio'. As a result of the operation, Gecina has decided to close down its Lyon office in July 2011.
Gecina owns, manages and develops property holdings worth EUR 11.7 bn at year-end 2010. The company reported an 'exceptionally high level' of divestment activity in the first half of 2011, it said, with nearly EUR 560 mln of sales being finalised, including EUR 266 mln of residential assets, EUR 179 mln of offices and EUR 114 mln of logistics.
