Gecina, which is a division of Metrovacesa, will pay euro 304 million ($385 million) for 450,000 sm of property mainly dedicated to logistics, the groups say in a joint statement. GE Real Estate will pay euro 325 million ($411 million) for 220,000 sm of property in Paris and its surroundings, of which approximately half are occupied by offices and the rest assorted commercial activities.

The statement adds that the deal will give Gecina a strong position in logistics sites in France's main business zones and in Belgium, Spain, Poland and Hungary. It adds that the dynamic market conditions in this sector have been confirmed in the year to date.The Gecina portfolio is leased to major groups and will generate annual rents of euro 21.7 million ($27.48 million), the statement says.

And in a separate deal, Metrovacesa SA has acquires 14,000 sm of land in a Barcelona industrial of Distrito Empresarial 22 for an undisclosed sum. The statement says it plans to develop a business park on the land, which it has acquired from unlisted companies Mecasis and Satsa.