GECINA and GE Real Estate France have acquired a portfolio of primarily logistics, industrial and office properties of around 700,000 m² from Foncière Privée, part of the Bleecker Group. These represent high-quality assets from both technical and architectural viewpoint, located in France and in other European countries. GECINA's interest concerns the logistics platforms, with GE Real Estate focusing on offices and industrial premises.
For GECINA, this new €304 million investment (including closing costs and transfer taxes) concerns some 450,000 m² of primarily logistics premises split between 30 existing assets and 3 development projects. This major operation has enabled the Group to take up strong positions on the key regional centers throughout France (Vallée de la Seine, Greater Paris region, Orléans, Lyons, Nord) and Europe (Belgium, Spain, Hungary, Poland), while ramping up its logistics offering on a particularly dynamic market segment, as confirmed since the beginning of 2006.
This portfolio of assets, rented out to first-rate tenants, which are leading businesses on their markets, enabling the Group to reduce its rental risk, will generate some €21.7 million in potential rental income per year.
With this transaction, GECINA has once again confirmed its arrival in the logistics real estate sector, which began at the end of 2005 with the acquisition of 123,000 m² of very high-quality logistics platforms, for an initial investment of €89 million.
For GE Real Estate, this investment will come to around €325 million, representing a total of 222,000 m², split between 30 existing assets (159,000 m²) and six development projects. These assets are located in Paris and the Greater Paris region, with half of the existing portfolio made up of office buildings one quarter industrial premises, and the remainder split between commercial and logistics properties.
This operation has enabled GE Real Estate to acquire a diversified portfolio of assets along with a number of land reserves, paving the way for new development projects.