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Gecina to subsidiarize €3B residential portfolio

French real estate investment trust Gecina said it will subsidiarize its approximately €3 billion residential portfolio, comprising 409,000 square meters across 6,000 apartments primarily in the Paris region.

Gecina said it aims to develop and operate a residential rental offering targeting middle-class households to augment the existing social or intermediate housing and private rental properties. The company noted that the subsidiarization will provide it an opportunity to develop its rental residential portfolio in Greater Paris and other major French cities, in addition to opening up the capital of the proposed unit.

The REIT intends to retain control of the subsidiary and maintain a group share allocation of its portfolio with about 80% office assets and 20% residential assets.

Gecina's board of directors approved the proposal, after consulting with the Central Works Council. The plan remains subject to approval by Gecina shareholders at the extraordinary general meeting to be held in April 2020.

HSBC and Morgan Stanley are advising Gecina for financial aspects, Etude Wargny-Katz for notarial aspects, Cleary Gottlieb Steen & Hamilton LLP for legal aspects, Bredin Prat and CMS Francis Lefebvre for tax aspects, and Factorhy for human resources and social aspects.