Gecina acquires nearly 118,00 m

On June 9th, GECINA signed an agreement to acquire a 100% stake in the owner companies and a financial leasing arrangement for three office and industrial real estate complexes; a fund that was owned by Deutsche Bank Real Estate Opportunity Group.

With a total surface area of 117,650 m², these sites are located in Saint-Quentin-en-Yvelines (85,050 m²), Brétigny in the Essonne region (17,150 m²) and Chevilly-Larue in the Val-de-Marne region (15,450 m²).

Primarily rented out to the Thalès Group, these properties will generate €13.5 million in annual rental income (net of building operating costs), with 80% guaranteed by closed leases for over 6 years. In 2004, they will represent around €7.8 million in rental income.

This €123.5 million transaction corresponds to a net yield of 10.93%. Catella Property Group advised Gecina on this acquisition.

The Group’s recent acquisitions represent a total of €546.5 million with approximately €46 million in net rental income on a full-year basis.

Source: Gecina / Immo Hebdo

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