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Ivanhoé Cambridge divests Gecina shares for €473M

Canadian real estate company Ivanhoe Cambridge Inc. trimmed its shareholding in French real estate investment trust Gecina by selling 4.28% of its equity through a placement with several investors using an accelerated bookbuilding process.

The company sold 3.23 million shares in Gecina, reducing its stake to 15.4%, according to a release. The shares were sold for €473 million, Reuters reported.

Goldman Sachs acted as book runner for the deal, the newswire said, adding that Ivanhoé Cambridge will pay a portion of the sale proceeds to repay its debt with the former.