SCI Beaugrenelle, the property investment company in which Gecina has a 75% stake alongside Foncière Euris, Rallye, Apsys and Paris Orléans, has signed a preliminary sales agreement for the Beaugrenelle shopping center with a consortium of private investors assembled around Apsys.
The total sales price including transfer taxes comes to 700 million euros. This is the largest unit transaction ever carried out on the French shopping center market.
The Beaugrenelle shopping center, designed by the architects Valode & Pistre, is part of Paris' architectural revival and the redevelopment of the Front de Seine district thanks to its architecture and department store-inspired concept. This asset will benefit from dual HQE and BREEAM certification.
The reopening of Beaugrenelle has been a major success, with footfall levels up to 3.7 million visitors by the end of January 2014.
With the sale of this non-strategic asset for the Group, in line with the decision taken in 2013, following the sale of the logistics and hotel portfolios, Gecina will complete the process to realign its portfolio.
On this operation, Gecina was advised by Morgan Stanley, HSBC and CA-CIB as financial advisors, by the law firm De Pardieu Brocas Maffei for legal advice, and by the notary's office Cheuvreux & Associés, with Convergences CVL providing real estate advice.
Source: Gecina
