PARIS--(BUSINESS WIRE)--Regulatory News:
Gecina (Paris:GFC) has signed a preliminary agreement with the developer PRD Office for its speculative off-plan acquisition of the BE ISSY office building. This asset, located in Issy-les-Moulineaux, in the Southern Loop of Paris’ Western Crescent, will offer a gross leasable area of around 25,000 sq.m and 258 parking spaces. The transaction represents a total of 157.8 million euros including commissions and fees, with around 6,100 euros per sq.m excluding parking spaces.
Based on current market rents, Gecina expects this operation to deliver a potential net yield of nearly 7%.
The building, which will be delivered during the second half of 2018, will benefit from outstanding access to existing public transport infrastructures (T2 tram service, Metro Line 12 and RER C), which will be further strengthened with the delivery of the new Grand Paris Express Metro Line 15 by 2022, located very close to the asset.
The building, designed by the architect Philippe Chiambaretta, will be
very energy efficient.
In addition to HQE Exceptional and BREEAM Excellent certification, this asset will be one of the first buildings to be awarded the BEPOS positive energy building label and WELL certification for user wellness.
On this transaction, Gecina was advised by the notary’s office Oudot & Associés and AliutA. The seller was advised by the notary’s office Wargny Katz and Theop, Strategies & Corp and Catella.
Gecina, a leading real estate group
Gecina owns, manages and develops property holdings worth 10.6 billion euros at June 30, 2015, with 90% located in the Paris Region. The Group is building its business around France’s leading office portfolio and a diversification division with residential assets, student residences and healthcare facilities. Gecina has put sustainable innovation at the heart of its strategy to create value, anticipate its customers' expectations and invest while respecting the environment, thanks to the dedication and expertise of its staff.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices. In line with its commitments to the community, Gecina has created a company foundation, which is focused on protecting the environment and supporting all forms of disability.