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Gecina inks almost €120M worth of deals to buy, sell Paris assets

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Gecina inks almost €120M worth of deals to buy, sell Paris assets

Gecinaagreed to buy a building for €63.8 million and sell another asset in Paris'central business district, for €56.0 million.

The company said it signed a preliminary sales agreement toacquire a 10,000-square-meter office building on Rue de Madrid as part of itsstrategy to invest in the Paris regions' central locations.

The building has 114 parking spaces and is partially let. Itis expected to be vacated by the end of 2016, following which, it will undergoa redevelopment with final delivery slated for 2019. The project is expected togenerate a yield on cost of more than 6.2%. The acquisition is scheduled to befinalized in September.

On Rue de la Bourse, Gecina inked a deal to divest a nearly5,000-square-meter mixed-use asset comprised of predominantly offices, alongwith retail units and housing. The deal will result in a loss of rental incomeof less than 3.9% for Gecina.

The transactions are expected to generate a combinedmarginal yield on cost of about 8%.