PARIS--(BUSINESS WIRE)--Regulatory News:
Gecina (Paris:GFC) has signed a preliminary agreement to acquire an office building on 145 rue de Courcelles, in Paris' Central Business District, for 63 million euros excluding duties. This operation will be subject to the standard suspensive conditions.
This asset offers highly complementary features alongside the adjacent building “Le Banville”, which is already owned by Gecina, opening up possibilities for extensive synergies.
Acquisition in line with the Group's strategy
This acquisition is aligned with Gecina's strategy, aimed at further strengthening its exposure to the Paris Region's most central sectors, where there are growing signs of a rental market upturn. The vacancy rate in Paris' CBD is close to an all-time low, while the current shortage of quality properties in Paris City supports Gecina's confidence in its strategic choices, particularly in terms of rotating its portfolio and positioning its project pipeline.
Méka Brunel, Chief Executive Officer: “The quality of this building's location and its effective fit with one of the assets already owned by the Group are perfectly aligned with our strategy, aiming to further strengthen Gecina's exposure to the Paris Region’s most central business sectors, targeting value creation for our shareholders.”
Gecina, a leading real estate group
Gecina owns, manages and develops property holdings worth 12.1 billion euros at end-2016, with nearly 97% located in the Paris Region. The Group is building its business around France’s leading office portfolio and a diversification division with residential assets and student residences. 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.