Sale of non-strategic assets: Gecina signs an agreement to sell its hotel portfolio for €181m
Gecina has signed a unilateral preliminary purchase agreement with Angelo Gordon, under which Angelo Gordon has made a commitment to acquire Gecina’s hotel portfolio for a valuation excluding duties of 181 million euros. This portfolio, comprising the premises and business of five hotels located in Paris, Boulogne, Bougival and Roissy, is from the Eurosic portfolio. Subject to completion of the employee information-consultation procedure, this operation could be finalized by the end of the year.
This operation is in line with the Group’s strategy to realign its business around its office and residential activities in the most central sectors of Paris and the Paris Region, and offers a premium of around 3.5% compared with the end-2018 appraisals.
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Gecina has finalized the sale of its hotel portfolio based on a valuation excluding duties of approximately €181m to Angelo Gordon & Co and EQ Group.
Paris, France, November 6, 2019