French property firm Gecina has announced it is bringing in US private investment fund Sage as a new investor. The Paris-based real estate investment trust, or SIIC in French, has agreed to sell 500,000 of its treasury shares to Sage.
French property firm Gecina has announced it is bringing in US private investment fund Sage as a new investor. The Paris-based real estate investment trust, or SIIC in French, has agreed to sell 500,000 of its treasury shares to Sage.
Gecina said the transaction which started on 6 January could be spread over several trading days and will be implemented through off-market transactions. The number of shares sold each day by Gecina will be based on average daily trading volume during the five preceding trading days and will represent, as a minimum, 10% of this average trading volume.
The transaction price will be based on 96.5% of the volume weighted average price (VWAP) of the relevant trading day.
Gecina said it was Sage would reinforce the quality and diversity of its shareholders. Listed on Euronext Paris, Gecina has a property portfolio - made up primarily of office and residential properties in the Paris region - which was valued at EUR 13 bn at end-June 2008.
