Gecina finalises €266m Lyon sale to Primonial REIM

French office REIT Gecina has completed the sale of a portfolio of office buildings in Lyon to Primonial REIM for €266 mln.

PropertyEU first reported in the spring that French fund manager Primonial was buying the assets which are part of the former Eurosic portfolio and include Terralta, a recently completed 10,500 m2 CBD office project with OVH as the major tenant and offices at the Ecully business park on the city’s outskirts in Vaise.

This portfolio comprises a total of nine buildings, representing nearly 60,000 m2 located in the heart of Lyon, as well as in the Greater Lyon Region, in Ecully and Caluire-et-Cuire.

The sale is part of Gecina’s strategy to concentrate its portfolio in the most central sectors of the Paris region, said Meka Brunel, Gecina’s Chief Executive Officer. 'This operation is perfectly in line with the group’s strategy to further strengthen its specialization in offices in the Paris Region’s most central sectors, with the LTV reduced to less than 40% as announced when Eurosic was acquired.'


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