The vast majority of Gecina's shareholders has voted against the acquisition of part of Bami, a Spanish company founded in 2009 under former chairman Joaquin Rivero. Around 83% of shareholders voted against last year's EUR 108 mln acquisition of 49% of the firm.
The vast majority of Gecina's shareholders has voted against the acquisition of part of Bami, a Spanish company founded in 2009 under former chairman Joaquin Rivero. Around 83% of shareholders voted against last year's EUR 108 mln acquisition of 49% of the firm.
Gecina, which has changed its management after the Spanish purchase, had already announced in March that it planned to exit Spain and re-focus its business on its home market.
In the first quarter of 2010, the French SIIC also acquired the Anthos office building in Boulogne for EUR 80 mln and carried out EUR 97 mln worth of disposals. Gecina has renegotiated lease contracts on around 20% of its office portfolio, granting a 13% reduction in rents on average at this time in return for extending the term of leases. These renegotiations resulted in a 3% reduction in rental income for the first quarter.
The group's financial occupancy rate came to 94.1%, compared with 96% at the end of March 2009, with the logistics segment continuing to post a high vacancy rate, representing 26.2% and more than 260,000 m2 of space.
Gecina owns, manages and develops property worth EUR 11.3 bn, consisting primarily of office and residential buildings located in Paris and the Paris region, as well as student residences, logistics platforms, healthcare assets and hotels.