Gecina Hits Q1 Office Target with $132M Sales

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.