GECINA acquires two office properties in Paris for €103 million (FR)

GECINA has signed a promissory agreement with Colony Investors VI and Colyzeo, represented by Colony Capital, a private investment fund specialized in real estate, for the acquisition of two office properties located at the heart of the Vélizy (Yvelines) business district to the west of Paris.

This investment concerns one building that is under construction Crystalys with 26,000 m² spread over eight floors and three basement levels, with 1,021 parking spaces. Delivery is scheduled for Q2 2007. The second 7,300 m² asset Vélizy Square, built in 1979 offers four levels of office space and close to 300 parking spaces. It is rented out in full.

The total amount of this acquisition, which will be finalized with the delivery of Crystalys, comes to approximately €103 million.

This acquisition is going to enable GECINA to enter a market segment that is virtually nonexistent today in Vélizy, with a first-rate location characterized by a business park with 400,000 m² of office space and a number of leading businesses. With available supply down in 2005, the vacancy rate on this business sector comes out at 4.5%, with rental values that have stabilized.

The advisers that have made this transaction possible are the de Pardieu Brocas Maffei and Bredin Prat law firms and the Oudot & Associés notary's office for GECINA, and the Lacourte, Balas et Associés law firm and Wargny-Katz notary's office for Colony Capital.

Over the last nine months, GECINA has announced more than €1.7 billion of investments in very high quality assets and projects on various sectors: offices, hotels, logistics and healthcare.

Source: GECINA

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