French listed property firm Gecina has agreed to sell five office buildings located outside of Paris, representing a total of over 25,000 m2, for nearly €112 mln excluding duties.
The sale price represents a premium versus the assets’ latest appraisal values at end-2019.
In a statement, Gecina said that the sales are in line with the group’s portfolio rationalization strategy in order to further strengthen its focus on the city centre of Paris.
A portfolio of four multi-tenant buildings in Boulogne-Billancourt and Vincennes representing nearly 12,000 m2 was sold to Carac, Mutual Savings, Retirement and Provident Fund, advised by Atream.
An office building in Antony with around 13,600 m2 was sold to the Patrimoni Group.
Méka Brunel, CEO of Gecina, said: ‘By selling mature and non-strategic assets for the Group, Gecina is continuing to move forward, in the current context, with the strategy to realign its portfolio and further strengthen its exposure to the Paris Region’s most central sectors.’
