Gecina Closes Acquisition of the Carreau De Neuilly Building in Exchange for Two Assets and a Balancing Payment.
11 November 2019 - French real estate investment trust Gecina (PAR: GFC) has closed the acquisition of the "Carreau de Neuilly" building at 106-116 avenue du GA(c)nA(c)ral de Gaulle in Neuilly-sur-Seine, on the Central Business District's Historical Axis linking the Champs ElysA(c)es and La DA(c)fense, for EUR 306m (USD 337.68m) excluding duties, the company said.
The company signed an asset swap agreement on November 7, 2019 with the Caisse de Retraite du Personnel Navigant enabling it to acquire the building.
This office building, which is 90% occupied, offers around 34,000 sq.m of floor space.
In exchange, Gecina is selling two fully-let mature office buildings in Neuilly and Paris for a total of EUR 238m excluding duties, with the price differential covered by a balancing payment.
With this operation, Gecina is selling a 17,500 sq.m building at 12-16 boulevard du General Leclerc in Neuilly-sur-Seine and a building located at 22 rue du GA(c)nA(c)ral Foy in Paris' 8th arrondissement with nearly 3,200 sq.m of space.
On this operation, Gecina was advised by the law firm De Pardieu Brocas et Maffei and the notary's office Oudot and AssociA(c)s.
For its part, the CRPN was advised by the law firm Gide Loyrette Nouel, the notary's office Cheuvreux, the law firm Arsene Taxand and DB Real Estate Consulting.
Gecina owns, manages and develops property holdings worth EUR 19.9bn at end-June 2019.
Sector: Construction/Real Estate
Target: Carreau de Neuilly building
Vendor: Caisse de Retraite du Personnel Navigant
Deal size in USD: 337.68m
Buyer advisor: , ,
Comment: In exchange, Gecina is selling two fully-let mature office buildings in Neuilly and Paris for a total of EUR 238m excluding duties, with the price differential covered by a balancing payment.
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|Publication:||M & A Navigator|
|Date:||Nov 11, 2019|
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