Gecina closes €525m French regional office sale

French listed property firm Gecina has finalised the sale of a portfolio of office buildings in the French regions to a group of institutional investors in which the Batipart Group has majority control.

The deal, which was first agreed over the summer, involves a total of 33 buildings being sold for €525 mln and includes assets located in Nantes, Rennes, Lille, Strasbourg, Toulouse and the Marseille-Aix-en-Provence regions.

Last week the group - which is majority owned by Canada's Ivanhoe Cambridge - also announced that it had closed the sale of another portfolio in Lyon to fund manager Primonial for €266 mln.

Méka Brunel, Chief Executive Officer said: 'This transaction is perfectly in line with the group’s strategy to further strengthen its specialization on offices in the Paris Region’s most central sectors, with the LTV down to less than 40%.'


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