GECINA NOM. : Gecina sells its logistics business for 203 million euros - 2012 sales target revised from 1 billion euros initially to more than 1.2 billion euros
07/24/2012| 02:27am US/Eastern
Recommend:
Paris, July 24, 2012
Gecina sells its
logistics business for
203 million euros
2012 sales target
revised from 1
billion euros
initially to more
than 1.2 billion
euros
Gecina signed a
preliminary agreement
on July 23
to sell a
portfolio of 28
logistics assets with
a net sales
price of almost
203 million euros
to funds affiliated
with the Blackstone
Group. This price
represents a 13.9%
discount in relation
to the valuation
of these assets
at the end
of 2011. The
financial occupancy
rate on this
portfolio is
82.7%.
With this transaction,
Gecina is selling
off its entire
logistics portfolio,
with the exception
of two non-significant
assets.
This transaction will
pave the way
for Gecina to
take a decisive
step forward with
the realignment of
its portfolio around
its strategic
segments: offices,
traditional residential,
student housing and
healthcare. This sale
is also in
line with the
Group's deleveraging
approach and will
enable Gecina to
revise its sales
target for 2012
from 1 billion
euros initially up
to more than
1.2 billion euros.
On this transaction,
Gecina has been
advised by Barclays,
De Pardieu Brocas
Maffei and the
notary's offices
Wargny and Oudot.
Blackstone has been
advised by Jones
Day, Salans and
PricewaterhouseCoopers, as
well as the
notary's office Attal.
Gecina, a leading real
estate group
Gecina owns, manages
and develops property
holdings worth 11.6
billion euros at
June 30, 2012,
with 86% located
in the Paris
Region. This real
estate company's
business is built
around an Economic
division, including
France's largest
office portfolio, and
a Demographic
division, with
residential assets,
student residences and
healthcare facilities.
Gecina has put
sustainable innovation
at the heart
of its strategy
to create value,
anticipate its
customers' expectations
and invest while
respecting the
environment, thanks to
the dedication and
expertise of its
staff.
Gecina is a French
real estate investment
trust (SIIC) listed
on Euronext Paris,
and is part
of the FTSE4Good,
DJSI World, Stoxx
Global ESG Leaders
and ASPI Eurozone®
indices. In line
with its commitments
to the community,
Gecina has created
a company foundation,
which is focused
on protecting the
environment and
supporting all forms
of disability.
www.gecina.fr
CONTACTS
Financial communications Press
relations
Elizabeth Blaise Armelle
Miclo
Tel: +33 (0)1 40
40 52 22
Tel: +33 (0)
1 40 40
51 98
Régine Willemyns
Tel: +33 (0)1 40
40 62 44
distributed by
|
|
Recommend :
