Gecina sells Paris office building in €216m deal with Primonial

French REIT Gecina has completed the sale of Le Valmy office building to the east of Paris for €216 mln excluding duties.

French asset manager Primonial REIM's SCPI Primopierre investment fund has bought the property which provides 27,000 m2 of office space between Paris and Montreuil. The seven-storey property is multi let with BNP Paribas Group as its largest occupier. The average remaining lease term is five years.

‘This building’s sale reflects the Group’s commitment to further strengthening its portfolio at the heart of the Paris Region’s most resilient and most central business sectors through the proactive rotation of its portfolio,’ commented Méka Brunel, Chief Executive Officer of Gecina.

Closing of the deal follows the signing of a preliminary sale agreement at the end of 2019.

Gecina was advised by BNP Paribas Real Estate, CBRE and Wargny Katz.


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