Gecina:Acquisition of the Mirabeau Tower
Gecina invests in Southern Paris with an immediate net yield of over 7%
PARIS -- March 25, 2013
On March 19, 2013, Gecina (Paris:GFC) acquired the Mirabeau Tower from
Aberdeen, acting on behalf of the German fund DEGI International, for a price
of almost 186 million euros excluding duties.
The building is 88% occupied, mainly let to public sector entities with an
average residual term of close to six years. The immediate net yield on this
investment is just over 7%, with this figure to climb above 8% when the
occupancy rate reaches 100%.
The Mirabeau Tower, designed by the architects Le Maresquier & Heckly and
built in 1972, offers a gross leasable area of almost 35,000 sq.m, split
between 18 floors, in addition to 379 parking spaces.
This asset benefits from an optimum location, on the banks of the River Seine
in Paris’ 15th^arrondissement, combined with an efficient and rational
internal structure. Over the medium term, this building will be able to
undergo major redevelopment work, enabling Gecina to achieve very strong value
On this operation, Gecina was advised by the notary's office Wargny Katz, the
law firm Fairway and the research office Nerco; the seller was advised by the
notary's office Le Breton et Associés, L’Etoile Properties Services and BNP
Paribas Real Estate under a co-exclusive listing agreement with Jones Lang
Gecina, a leading real estate group
Gecina owns, manages and develops property holdings worth 11 billion euros at
December 31, 2012, with 88% located in the Paris Region. This real estate
company's business is built around an Economic division, including France's
largest office portfolio, and a Demographic division, with residential assets,
student residences and healthcare facilities. Gecina has put sustainable
innovation at the heart of its strategy to create value, anticipate its
customers' expectations and invest while respecting the environment, thanks to
the dedication and expertise of its staff.
Gecina is a French real estate investment trust (SIIC) listed on Euronext
Paris, and is part of the FTSE4Good, DJSI Europe and World, Stoxx Global ESG
Leaders and ASPI Eurozone® indices. In line with its commitments to the
community, Gecina has created a company foundation, which is focused on
protecting the environment and supporting all forms of disability.
Tel: + 33 (0)1 40 40 52 22
Tel: + 33 (0)1 40 40 62 48
Tel: +33 (0) 1 40 40 51 98
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