Ivanhoé Cambridge sells office properties to Genica for €1.24 bln (FR)

Ivanhoé Cambridge announced today two agreements concerning the property company Gecina.
The agreement regards of the sale of two Paris office properties to Genica for about €1.24 bln. The transaction, which adds 122,200 m² of office space to Gecina’s portfolio, includes the following assets:
-Tours T1 & B in the La Défense business district, totalling 88,600 m² (953,700 ft²), the world headquarters of ENGIE Group, formerly GDF SUEZ;
-75 Avenue de la Grande Armée, totalling 33,600 m² (361,700 ft²), the historic headquarters of PSA Group in Paris’s Central Business District.
The conclusion of an agreement for an increase in Ivanhoé Cambridge’s economic stake in the concert formed with Blackstone, therefore increasing its economic participation in the investment of the concert from approximately 21% to 23% of Gecina’s share capital. The concert, managed by Blackstone, is the shareholder of 29.8% of Gecina’s share capital.
"The increase of our economic participation in the investment of the concert with Blackstone to approximately 23% of Gecina’s share capital, combined with the sale of our assets to Gecina, demonstrates our support for the strategy of this leader in the office building sector in the Paris region," commented Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge.
Source: Ivanhoé Cambridge