Züblin Immobilière France, a 65.3% owned subsidiary of the Züblin Immobilien Group, announced that it had acquired an office building located at Gennevilliers, in the western business district of Paris, France.
The single tenant building of approximately 8,000 m² is fully occupied by Europ Assistance (Generali Group) and will generate an initial net rental yield of 6.3%. The acquisition will be financed in line with the group's financing policy. Based on existing conditions, and excluding any change in the building's market value, this acquisition is expected to increase the IFRS annual net income of Züblin Immobilière France by close to €1.0 million (€0.8 million for current year) or circa €0.25 per share.
This is the first acquisition by Züblin Immobilière France since the company's IPO in March 2006, and is a clear step towards achieving the announced growth targets and creating value for its shareholders.
Source: Züblin Immobilière