French SIIC Gecina has unveiled plans to exit Spain and re-focus its business on its home market. In a statement on the publication of its 2009 annual results, the Paris-listed real estate company said that it is seeking to 'realign the group's activities around France and sectors in which it already has a leading position such as offices and residential or critical mass such as healthcare'.
French SIIC Gecina has unveiled plans to exit Spain and re-focus its business on its home market. In a statement on the publication of its 2009 annual results, the Paris-listed real estate company said that it is seeking to 'realign the group's activities around France and sectors in which it already has a leading position such as offices and residential or critical mass such as healthcare'.
'Synergies from a development abroad do not exist except for shopping centres and logistics,' said the company's new CEO Christophe Clamageran. 'This is why Gecina will be making an ordered withdrawal from Spain.'
The company is also looking for 'greater financial flexibility' by renegotiating the maturity dates on two credit facilities. In particular, Gecina is seeking to refinance 2011 credit lines for a total of EUR 800 mln, of which EUR 500 mln have already been approved by the credit committees, according to the company.
Gecina is also in 'highly-advanced' negotiations to sell EUR 130 mln of residential assets and a further EUR 100 mln of office properties, it added. This adds to some EUR 756 mln of property disposals carried out in 2009, representing around 312,000 m2 of space.
The company net losses narrow to EUR 774 mln in 2009 from EUR 875 mln in 2008.
