Paris, France, October 22, 2019

Business at September 30, 2019

Rental income of €500.6m

Rental income up +1.1% supported by an acceleration in like-for-like growth to +2.4%

(+10.3% including the impact of the redeveloped buildings delivered)

Rental income reflecting Gecina’s strategy and robust trends for the most central sectors

  • Gross rental income up +2.4% like-for-like: +2.4% for offices and traditional residential, and +2.8% for student residences
  • Factoring in the impact of assets delivered following redevelopment, this performance climbs to +10.3% overall (and +12.4% for offices)
  • Nearly €52m of rent from like-for-like growth and assets delivered in 2018 and 2019 in Paris, the Western Crescent and Lyon, offsetting rent from assets sold and the temporary loss of rent from assets to be transferred to the pipeline

Portfolio's realignment continuing to move forward

  • €482m of sales completed or covered by preliminary agreements, with a premium of nearly 6% versus appraisal values
  • Strategic sales of mature or non-strategic assets (logistics, hotels and commercial premises located outside of Paris, etc.)

Further progress with lettings for the project pipeline in the third quarter

  • Pre-letting continuing to move forward: Friedland and Carré Michelet in the last few weeks have increased the letting rate for operations delivered in 2019 and 2020 to nearly 64%

Office market still buoyant, particularly in Paris, in a more complex macroeconomic environment

  • Immediate supply down -6% for the Paris Region and now at an all-time low for Paris City
  • Vacancy rates continuing to contract as a result, with close to 2% for Paris
  • Headline rents trends positive for the most central sectors and particularly the Paris CBD (+7.3% year-on-year)

Gecina reconfirms its 2019 guidance with confidence

  • Restated for the impact of sales of non-strategic assets, recurrent net income per share for 2019 is expected to increase by over +3%, representing €5.80 to €5.85 per share.


Download the full press release here


To safeguard its communications, Gecina certifies its contents with Wiztrust. You can check their authenticity at