GECINA acquires two office properties in the Paris region for €394 million (FR)

GECINA has announced the acquisition of two office properties from CGI (Commerz Grundbesitz-Investmentgesellschaft) for a total of €394 million. These real estate assets, located in the inner suburbs of Paris – Colombes in the Hauts de Seine region to the west of Paris ("Les Portes de la Défense" building) and Gentilly in the Val de Marne region to the south of Paris ("Le Mazagran" building) – represent a total surface area of 57,700 m².

Les Portes de la Défense
This building, located at 15/55, boulevard Charles de Gaulle - 29/37, rue de Mantes - 313/323, rue d'Estiennes d'Orves in Colombes, is conveniently located within the immediate vicinity of La Défense, less than two kilometers away from the business district.
This recent asset, delivered at the end of 2001 with the most modern facilities and all the corresponding services, offers 42,700 m² spread over six floors, as well as 719 parking spaces on three basement levels. The income on this complex, leased to a number of leading firms such as Oracle and Shell, is guaranteed under nine-year closed leases running through to 2011.

Le Mazagran
This building, immediately next to the Paris ring road (Boulevard Périphérique), enjoying an excellent level of visibility over one of the busiest highways in the Greater Paris Region, is located at 1 Parvis Mazagran - rue Paul Vaillant Couturier - rue Nouvelle in Gentilly, and 35, rue du Val de Marne in the 13th arrondissement of Paris.
With a surface area of around 15,000 m² on six floors and 240 parking spaces, it was delivered in February 2004. Offering a range of particularly high quality facilities, this very recent asset is leased in full to IPSOS, with rent secured under a 12-year closed lease running through to 2016.

This major acquisition has further strengthened GECINA's office property holding, taking the amount of the Group's investments up to nearly €2.5 billion since the end of 2005.

On this transaction, the seller was advised by the law firm Clifford Chance and the notary's office Wargny - Katz & Associés, while the buyer was advised by the notary's office Oudot & Associés. Real estate advice was provided by Jones Lang LaSalle.

Source: GECINA

Related News