PARIS--(BUSINESS WIRE)--Regulatory News:
Gecina Group (Paris:GFC) has taken several measures, since February 27, to protect its employees and its clients. These measures, ramped up since March 13, aim to help prevent the coronavirus from spreading, while securing its operations, ensuring the continuity of its duties for all its clients and protecting its employees and suppliers.
The Group’s decisions include:
- Rolling out widespread working from home measures for all administrative staff and closing its headquarters,
- Closing the offices of building doormen’s, who, alongside with building staff and the student residence managers, are continuing to perform their usual tasks while strictly applying the health authorities’ recommendations, including barrier measures, without providing access to the building manager office.
Thanks to the outstanding dedication shown by the teams under unprecedented conditions, the advanced digitalization of the Group’s processes and the digital and mobile equipment used by all its staff, the Group is able to continue operating during this difficult period to serve its 100,000 clients and end-users.
For its very small business and SME tenants, Gecina Group will deploy the following measures immediately:
Concerning very small businesses and SMEs operating in one of the sectors whose activities have been shut down in accordance with Section I of Article 1 of the March 15, 2020 decree setting out various measures to combat the spreading of the Covid-19 epidemic:
- Their rents and operating expenses will be requested on a monthly basis and no longer quarterly;
- The rent and operating expenses collection is suspended from April 1, 2020, and for periods following the shutdowns ordered by the decree. At the time they can resume their activities, the rent and operating expenses for this period will be subject to deferred payments or spread without any penalties or interest for late payment, adapted to each company’s situation
These measures will be applied automatically and without considering their specific situation for very small businesses / SMEs whose activities have been shut down with the aforementioned decree.
- Concerning companies whose activities, while not shut down, have been significantly affected by the crisis, their situations will be considered on a case-by-case basis, with a goodwill approach, taking into account their economic situation.
Gecina Group has a particularly robust financial situation, with:
- A loan to value (LTV) ratio of 34% (including duties) at end-2019, further strengthened by its high volume of cash and undrawn credit lines (€4.5bn at end-2019), enabling it to cover all its loans maturity up to the end of 2023;
- More than 80% of its Office rental income is generated by key account clients.
Supporting the national solidarity effort, and aware of its social commitments, Gecina Group is offering to provide the public authorities with access to the student residences that have been vacated following the shutdown of universities and schools, for healthcare workers, or vulnerable people affected by the lockdown, such as women victims of domestic violence.
Lastly, Gecina would like to call on everyone responsibility to strictly comply with the health authorities’ recommendations.
Gecina, at the heart of urban life
Gecina owns, manages and develops property holdings worth 20 billion euros at end-2019. As a specialist for centrality and uses, the Group is building its business around Europe’s leading office portfolio, with nearly 97% located in the Paris Region, and a diversification division with residential assets in particular. Gecina has put sustainable innovation at the heart of its strategy to create value and anticipate the expectations of around 100,000 customers and end users, thanks to the dedication and expertise of its staff, who are committed to an understated, fluid and inclusive city. To offer its customers high-quality services and support their changing needs, Gecina has launched YouFirst, its relational brand.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices. In line with its community commitments, Gecina has created a company foundation, which is focused on protecting the environment and supporting all forms of disability.