Office assets sold for a total of €349.3m
Gecina has completed or secured three new sales of mature and/or non-strategic office assets located in Arcueil (94), Levallois-Perret (92) and Montreuil (93), for a total of €349.3m.
On May 6, Gecina signed a bilateral sales agreement concerning the Les Portes d’Arcueil building (Val de Marne) for €297.8m excluding duties. The sale is expected to be completed in July, once the conditions precedent have been cleared. This office asset, with around 45,000 sq.m of space, is occupied by the Orange group, which renewed its lease at the end of 2020 for a firm 12-year period.
On May 12, 2021, the Group also signed a preliminary sales agreement for Tour Orion, a building with around 12,200 sq.m of space in Montreuil (Seine-Saint-Denis), based on a price of €25.5m excluding duties. The sales agreement is expected to be completed by the end of July at the latest.
Lastly, in Levallois-Perret (Hauts-de-Seine), Gecina has sold 55 Deguingand, an office building with around 5,100 sq.m of space, for a total of €26m excluding duties.
These sales now take the volume of sales completed since the start of the year or under preliminary agreements to date up to €450m, achieving an average premium versus the end-2020 values of around +7%.
Gecina is continuing to move forward with its proactive portfolio rotation and the realignment of its portfolio at the heart of the Paris Region’s most central sectors.
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