La francese Gecina vende quattro Club Med e compra a Parigi

Gecina sells its four Club Med holiday villages as part of its realignment strategy
Gecina has sold four holiday villages operated under the Club Méditerranée brand (Val d’Isère, La
Plagne, Peisey Vallandry and Opio sites) to Assurances du Crédit Mutuel. The sales price came to
280 million euros excluding duties.
This divestment is in line with Gecina’s strategy to realign itself around its core business assets and
follows the sale of the logistics business, which was finalized in 2012.
Gecina had acquired these four Club Méditerranée holiday villages in 2005 for 194 million euros.
The Group supported the upgrading and optimization of these assets, financing 43 million euros of
capex. In this way, factoring in the portfolio’s sale, the IRR after the investment’s leverage effect
comes out at 13.8% for the Club Méditerranée holiday villages.
Gecina has finalized the acquisition of an 11,636 sq.m office building on
Rue Marbeuf, in Paris’ Central Business District, for a total of 122 million
euros including duties. This asset is fully let to WPP Group and Orientis,
giving an immediate net yield of 5.5%.
The building benefits from an optimum location at the crossroads on Avenue
des Champs Elysées. Over the medium term, this asset will be able to
undergo major redevelopment work, enabling Gecina to achieve very strong
value creation through a significant increase in rental income and a reduction
in the capitalization rate.
In addition, Gecina will be moving forward with its investment policy in the
office sector, starting work in July 2013 to redevelop almost 11,000 sq.m of an asset located at
122 avenue du Général Leclerc in Boulogne. The total amount of this operation will represent
68 million euros, with a target net yield of 7.5%.
Alongside this, Gecina has continued to roll out its asset rotation strategy for its commercial portfolio
during the first half of 2013, selling five office and retail assets for a combined total of 192 million
euros (excluding duties), with an overall premium of 4.7% on the end-2012 appraisals.
Tour Mercure (8,017 sq.m in Paris’ 15th arrondissement) has been acquired by a subsidiary of the Aviva
group. For Gecina, Tour Mercure represented a mature asset, following its complete redevelopment,
delivered in 2011, then its letting to a national public sector agency. The building at 34 rue de la
Fédération (6,579 sq.m of offices in Paris’ 15th arrondissement), which was 100% occupied, but had
been identified as non-strategic for Gecina, has been sold to LFPI (La Financière Patrimoniale
d’Investissement). In addition, Gecina has sold the Dauphiné Part-Dieu building (13,087 sq.m of offices
in Lyon) to an insurance company in connection with the drive to refresh its Lyon-based portfoliaro.
The building at 10 rue du Quatre Septembre (3,000 sq.m in Paris’ 2nd arrondissement) has been sold
empty to a buyer which will be using the premises itself once they have been vacated by the previous
Source: Company