French listed property firm Gecina has finalised the sale of an office building on the outskirts of Paris for €84 mln.
French listed property firm Gecina has finalised the sale of an office building on the outskirts of Paris for €84 mln.
Le Mazagran in Gentilly, bordering the capital city’s 13th arrondissement, was acquired by a French institutional investor.
The building has a gross leasable area of nearly 15,000 m2 and has been fully let to IPSOS until the end of 2016. A 10-year lease covering 70% of the space was renewed on January 1, 2015.
The purchase price represents a premium of almost 11.5% on the latest appraisal values and a net yield of nearly 5.4%.
Gecina manages and develops property holdings valued at €10.3 bn at end-2014, 90% of which are located in the Paris region. The company has acquired €1.6 bn of new assets since the start of the year as it pursues a value-add strategy focused on offices in Paris and Lyon.
