Gecina lets 10,000 sq.m in the “Pointe Métro 2” building to CREDIPAR and the PSA Peugeot Citroën Group
On February 19, 2016, Gecina signed two nine-year leases with CREDIPAR and the PSA Peugeot Citroën Group for nearly 10,000 sq.m in the “Pointe Métro 2” building in Gennevilliers, representing 77% of this asset’s total space. Under these leases, the space will be made available
to the two tenants from mid-March 2016.
These premises will house the corporate activities of Banque PSA Finance, the PSA Peugeot Citroën Group’s financing subsidiary, and SOFIB/CREDIPAR, the operational entity in France owned 50-50 by Banque PSA Finance and Santander Consumer Finance.
The terms of this transaction are in line with current market conditions for a new building in this area, and identical to the assumptions for the latest appraisals from June 30, 2015.
For reference, the vacancy rate on Gecina’s office portfolio was 4.7% at June 30, 2015, and this could therefore be reduced to less than 4%.
“Pointe Métro 2” is located less than 50 meters from the Gabriel Péri metro station on Line 13. It is HQE Construction “Exceptional”, HQE In-Use “Excellent” and BBC energy efficiency certified.
On this transaction, Gecina was advised by Cushman & Wakefield and by Constance de la Hosseraye from the law firm Taylor Wessing. The PSA Peugeot Citroën Group was advised by Strategies & Corp and the law firm Gide Loyrette Nouel (Frédéric Nouel and Antoine Mary), while CREDIPAR
was advised by the law firm Norton Rose Fulbright LLP (Jean-Pascal Bus).