Paris Office Partnership buys Gecina asset for €58m

Paris Office Partnership, a joint venture owned by Dutch penson fund manager PGGM and French SIIC Foncière Atland hsa acquired an office building in Paris from Gecina for €58.2 mln excluding duties.

The Pointe Metro 2 building, located in Gennevilliers (Hauts-de-Seine), was delivered in 2012 and offers nearly 15,000 m2, including 13,000 m2 of offices. It is currently occupied primarily by a PSA Peugeot Citroën Group subsidiary.

Gecina said that the transaction volume was in line with the latest appraisals of the asset, dating from end of June 2019.

Office specialist Gecina has diversified in recent years, expanding into residential assets and student accommodation. Around 97% of its office portfolio is situated in the Paris Region. Gecina's total portfolio was valued at €19 bn at end of June 2019.

Gecina was advised by Oudot & Associés and Catella.

Paris Office Partnership was advised by Cheuvreux.

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