French REIT Gecina has completed the acquisition of an office building in Paris' central business district.
French REIT Gecina has completed the acquisition of an office building in Paris' central business district.
The investment volume of €122 mln reflects a net yield of 5.5%.
Located at Rue Marbeuf, the property provides 11,630 m2 of space and is fully let to WPP Group and Orientis.
The French REIT said it plans to redevelop the asset in the medium term to increase rental income and reduce the cap rate.
The company is also about to start the redevelopment of a 11,000 m2 office at 122 avenue du Général Leclerc in Boulogne, investing a total of €68 mln.
Paris-based Gecina has sold €192 mln worth of properties in the first six months of the year, consisting of five office and retail assets sold at an average 4.7% premium to value.
The largest transactions consist of Tour Mercure, a 8,017 m2 in Paris’ 15th arrondissement, which was sold to a subsidiary of the Aviva group; a fully let office building at 34 rue de la Fédération, which was bought by La Financière Patrimoniale d’Investissement and the 13,000 m2 Dauphiné Part-Dieu building in Lyon.
