GECINA is developing its residential business, acquiring a first student residence from SODEARIF (Bouygues Group) for a total of €14.6 million (excluding duties). This asset is located at the heart of Le Bourget district (Seine Saint-Denis), to the north-east of Paris, offering a first-rate location for students thanks to the road and air infrastructures nearby, as well as numerous possibilities for public transport.
This residence, comprising 238 housing units (197 studios from 18.5 to 20.3 m², 27 studios from 20.6 to 27.8 m² and 14 apartments designed specifically for disabled people) and 80 parking spaces, will offer a total surface area of 6,980 m² spread over four floors and two basement levels. This complex, with investments based on an off-plan sale, is scheduled to be delivered at the end of Q3 2008.
Thanks to this acquisition, GECINA is starting to build up a specific holding of student residences on a buoyant real estate sector, supplementing its policy for investing in existing or future residential properties. This new type of residential asset, offering excellent yields, will further increase the profitability of GECINA's residential portfolio, while making it even more dynamic.
With property holdings valued at over €12 billion, GECINA is France's number one private listed rental real estate firm.