Gecina has finalized the sale of four non-strategic assets for a total of €83m excluding duties. These sales, following the preliminary sales agreements signed in July, recorded an average premium of around 12.5% versus the end-2020 appraisals, with a loss of rental income representing 2.5%.
On September 15, Gecina signed an agreement with the UNOFI Group, on behalf of its insurance company, to sell a fully occupied office building of around 3,000 sq.m on Rue Louise-Michel in Levallois-Perret (92), for €43.9m excluding duties.
On October 1, Gecina also completed the sale of a portfolio of three assets to a French institutional investor for a total of €39m excluding duties. This portfolio comprises an office building of around 2,200 sq.m in Paris’ 10th arrondissement, a service station in Rueil-Malmaison (92) and a 239-room student residence in Le Bourget (93).
These sales are in line with the Group’s strategy to rationalize its portfolio, further strengthening its exposure to the most central sectors. The allocation of the proceeds from these sales will also help fund the pipeline of development projects driving growth and value creation over the coming years.
With a €3.7bn project pipeline, an LTV including duties of 33.4% and a robust balance sheet at end-June 2021, Gecina will benefit from significant financial headroom supporting its opportunistic and flexible approach on a dynamic investment market. Gecina is able to confirm its guidance for 2021, with recurrent net income per share to represent €5.3.
Source : Company