Gecina sells 78.000 m² office properties to Inovalis (FR)

Gecina and Inovalis announce the signature of a promissory agreement for Inovalis to acquire a series of office properties representing some 78,000 m², for a total of €304 million. This operation concerns two portfolios with a total of 25 assets in Paris (districts 1st, 2nd, 8th, 18th and 19th) and the inner suburbs (La Défense, Boulogne-Billancourt, Levallois-Perret, Montreuil, Clichy, Suresnes, Vanves).

For Gecina, this deal marks the start of the arbitrage plan being rolled out on its property portfolio, and is in line with its business plan, announced last January. The capital gains generated on this sale will be taken into account over the second half of 2006, with the transaction expected to be finalized in September.

In this way, Inovalis is consolidating its acquisition policy for 2006 while further strengthening its asset base (+€1.5 billion).

The advisers that have made this transaction possible are Jones Lang Lasalle, Atisreal and the notary's offices Wargny - Katz & Associés and Oudot & Associés for Gecina, and Thibierge, B.F.L. and REALISTA for Inovalis.

Source: Gecina

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