French office and residential property specialist Gecina has sold three office assets located in Paris suburbs Arcueil (94), Levallois-Perret (92) and Montreuil (93), for a total of €349.3 mln.
The Paris-focused firm said that the sales comprised mature and/or non-strategic properties.
On May 6, Gecina signed a sales agreement for the Les Portes d’Arcueil building in Val de Marne for €297.8 mln excluding duties. The sale is expected to be completed in July. The office asset, with around 45,000 m2 of space, is occupied by the Orange group, which renewed its lease at the end of 2020 for a 12-year period.
On May 12, 2021, Gecina also signed a preliminary sales agreement for Tour Orion, a building with around 12,200 m2 of space in Montreuil (Seine-Saint-Denis), based on a price of €25.5 mln excluding duties. The sales agreement is expected to be completed by the end of July at the latest.
Lastly, in Levallois-Perret (Hauts-de-Seine), Gecina has sold 55 Deguingand, an office building with around 5,100 m2 of space, for a total of €26 mln excluding duties.
These sales now take the volume of divestments completed since the start of the year or under preliminary agreements to date up to €450 mln, achieving an average premium versus the end-2020 values of around +7%.
Gecina commented that it was 'continuing to move forward with its proactive portfolio rotation and the realignment of its portfolio at the heart of the Paris Region’s most central sectors'.
