French listed office REIT Gecina closed roughly EUR 209 mln worth of sales in December, reflecting a net exit cap rate of 5.5%.
French listed office REIT Gecina closed roughly EUR 209 mln worth of sales in December, reflecting a net exit cap rate of 5.5%.
The divestments, part of Gecina's EUR 1 bn disposal target for 2011, involved four office schemes totalling 27,000 m2 in Paris. The deals bring the total office sale volume carried out by Gecina this year to over EUR 450 mln.
Separately, the Paris-based real estate investment trust said it has raised EUR 260 mln in new financings from a consortium of Deka Bank, Helaba and Deutsche Hypo. These mortgage financing facilities have been taken out based on a 161 bps spread over the three-month Euribor rate, with an average maturity of 7.5 years.
Gecina has put in place EUR 650 mln of new credit lines during the second half of 2011.
