Gecina acquires Défense Ouest office complex for €350 million (FR)

Gecina is acquiring the 58,000 m² Défense Ouest real estate complex from the developer HRO for a total of €350 million. This complex, which is currently under construction, is strategically located within the new Portes de La Défense business district, an entirely redeveloped urban center in Colombes (Hauts de Seine) to the west of Paris.

The Défense Ouest real estate complex is part of the new Portes de La Défense business center, within La Défense's immediate area of influence, benefiting from the dynamic development and image of Europe's leading business district. Thanks to its exceptional location, close to a major highway linking La Défense up with the A14 and A86 freeways, Défense Ouest offers excellent accessibility from the center of Paris, the immediate suburbs and the airports. In addition, the variety of public transport available ensures optimum coverage, with train, RER and bus services providing quick and easy connections to Paris and the entire Greater Paris Region.

Défense Ouest, located on a 2.5-hectare closed, landscaped plot, stands out thanks to its elegant, contemporary architecture designed by Skidmore Owings & Merril with SRA Architectes, enabling optimum flexibility for the site's setup.

This asset, with 58,000 m² of office space under construction and high-quality facilities, comprises five connected or independent buildings spread over four to seven floors, with two basement levels and 1,105 parking spaces. An independent building of over 5,000 m² is reserved for catering and other services: restaurants, cafeteria, terraces, club lounges, store, auditorium and fitness club. In order to meet companies' needs for flexibility, this real estate complex has five independent lobbies and delivery areas, making it possible to optimize pedestrian and vehicle flows. With Défense Ouest's design and construction, particular care is being taken with the monitoring and effective management of any environmental impacts.

Défense Ouest will be delivered in two phases. An initial 29,000 m² will be available in the first quarter of 2007, with the second section, representing some 24,000 m², to be delivered in June 2007.

This investment, combined with the recent acquisition of the 42,700 m² Portes de La Défense building, also located in Colombes, will strengthen GECINA's presence in this new business district, an economic center grouping together first-rate companies and reconciling brand image, a quality working environment and savings. In this way, GECINA is continuing to roll out its investment strategy on leading regional sectors and very high quality, modern, efficient assets.

On this transaction, GECINA has been advised by the Oudot & Associés notary's office, the de Pardieu Brocas Maffei law firm and HISIF as a technical advisor, while HRO has worked with the Wargny - Katz & Associés notary's office and the BMS law firm.

Source: Gecina

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