Gecina sells its logistics business to Blackstone for €203 million (FR)

Gecina signed a preliminary agreement on July 23 to sell a portfolio of 28 logistics assets with a net sales price of almost €203 million to funds affiliated with the Blackstone Group.

This price represents a 13.9% discount in relation to the valuation of these assets at the end of 2011. The financial occupancy rate on this portfolio is 82.7%.

With this transaction, Gecina is selling off its entire logistics portfolio, with the exception of two non-significant assets. This transaction will pave the way for Gecina to take a decisive step forward with the realignment of its portfolio around its strategic segments: offices, traditional residential, student housing and healthcare.

This sale is also in line with the Group's deleveraging approach and will enable Gecina to revise its sales target for 2012 from €1 billion initially up to more than €1.2 billion.

On this transaction, Gecina has been advised by Barclays, De Pardieu Brocas Maffei and the notary's offices Wargny and Oudot. Blackstone has been advised by Jones Day, Salans and PricewaterhouseCoopers, as well as the notary's office Attal.

Source: Gecina

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