GECINA signed a new partnership agreement with Hines on April 7th, 2006 for the acquisition of an office building of approximately 10,000 sq.m. in connection with the project to redevelop Renault sites in Boulogne-Billancourt (Hauts de Seine). This development represents an investment of around €75 million.
This future office building will be located on block B3, in the so-called 'western trapezium' (Trapèze Ouest) sector, opposite Ile Seguin, on the north bank of the Seine.
An invitation to tender has already been issued for the architects on this project, with the winner to be known in July 2006. The delivery of this building is scheduled for the middle of 2009.
This investment will further strengthen GECINAs portfolio of office properties to the west of Paris, one of the key sectors for the Greater Paris Regions economic development.
On December 19th, 2005, GECINA had already joined forces with the Hines Group following the signature of a partnership agreement covering some 40,000 sq.m. of office space, with one building that is currently being built in La Défense (Courbevoie) and two buildings that are to be developed on Renaults sites in Boulogne-Billancourt.
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 Lacourte, Balas et Associés, and Baker & McKenzie for Hines. Investment advisory services have been provided by Jones Lang Lasalle.
Source: GECINA
