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Gecina Ups Stake in $520M Beaugrenelle Mall

PARIS-However, the CEO says the firm’s strategy remains firmly focused on the office, residential and healthcare business lines.

By Allan Saunderson | Updated on July 28, 2010

PARIS-French REIT/SIIC Gecina has increased its stake in the company owning the proposed Beaugrenelle shopping center project here, but said the investment is a one-off move rather than the start of a shift into retail assets. Gecina bought a further 25% in SCI Beaugrenelle from SCI Pont de Grenelle, taking its stake in the company to 75%.

The cost of the operation was $75 million after factoring in partial repayment of an advance granted by SCI Pont de Grenelle to SCI Beaugrenelle. But the final amount may be higher depending on the valuation recorded after delivery.

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