Gecina has signed a 10-year lease with the Renault Group for the entire “Le Cristallin” building (11,600 sq.m) in Boulogne-Billancourt. Under this lease the space will be made available to the tenant from February 2016.
This next-generation building, delivered in 2016 following a redevelopment operation, is ideally located next to Pont de Sèvres metro station on Line 9, as well as the future Line 15, which is scheduled for delivery in 2022 as part of the Grand Paris project. This asset is covered by a number of environmental certification frameworks and is notably the first Gecina building to be “Factor 4” certified (greenhouse gas emissions divided by four).
This building’s redevelopment has delivered a yield on cost of nearly 8.2%.
This iconic operation illustrates Gecina’s strategic ambition to create value by gradually rolling out its project pipeline, valued at 3.7 billion euros at end-September, with 1.2 billion euros of projects already underway and primarily scheduled for delivery in 2018.
On this operation, Gecina was advised by BNP Paribas Real Estate and the law firm Taylor & Wessing.
Gecina owns, manages and develops property holdings worth 11.7 billion euros at July 1, 2016, with 97% located in the Paris Region. The Group is building its business around France’s leading office portfolio and a diversification division with residential assets and student residences. These data exclude the healthcare portfolio, which was sold for 1.35 billion euros on July 1, 2016. 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 SBF 120, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo 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.
Source : Company