French property company Gecina is pushing ahead with plans to nearly double its office property portfolio from EUR 5.5 bn at present to roughly EUR 9 bn in the next three years.
French property company Gecina is pushing ahead with plans to nearly double its office property portfolio from EUR 5.5 bn at present to roughly EUR 9 bn in the next three years.
In a statement to announce its third-quarter results, the company said that it will seek expansion 'through proprietary developments as well as acquisitions, while maintaining a focus on prime assets in the Paris region'.
The company's healthcare portfolio will also be increased from EUR 700 mln at present to around EUR 1 bn by 2014.
Gecina, which in November last year named Christophe Clamageran as its new CEO, has recently launched a strategy aimed at further strengthening its financial flexibility in efforts to expand its commercial and healthcare real estate portfolios.
The company said it has made 'decisive progress' regarding its financial position with the EUR 320 mln bond issue and the rescheduling of repayments for three bank debt contracts from 2011 and 2013 to 2014 and 2015 for a total of EUR 1.15 bn. In September it also carried out a further bond issue worth some EUR 500 mln.
In the first three quarters of 2010, Gecina carried out acquisitions worth some EUR 335 mln while its development portfolio currently amounts to EUR 1.7 bn.
