PARIS-French REIT/SIIC Gecina, France's third largest by assets, has sold three office buildings for €108m, putting it well on course to achieve its full year office disposals target.
The sales cover two offices in the Paris suburb of Montrouge totaling 183,000 square feet and a third in Paris itself with a surface area of 40,000 square feet. Income from the sales slightly exceeded their end-2009 block value. The sales take Gecina's office disposals so far this year to $143 million. It offloaded a 27,000-square-foot office building for $11 million in Q1, as part of overall disposals of $119 million.
The group, which controls a total portfolio worth $13.8 billion, has a 2010 office disposals target of $221 million. Preliminary sales agreements and operations subject to due diligence total $74 million, and Gecina is therefore very confident about achieving the $221 million target.
The company also achieved 40% of its 2010 investment target in Q1, investing a total of $202 million, including the $98 million acquisition of the 102,000 square foot Anthos office building in Boulogne.
5:14 PM
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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