Feb. 21 (Bloomberg) -- Gecina SA and its partners agreed to sell a Paris shopping center to investors led by Fonciere Apsys for 700 million euros ($960 million euros).
Gecina, which has a 75 percent stake in the company that owns the Beaugrenelle mall, plans to invest the proceeds from the sale during the second half, according to a statement today from the French real estate investment trust. That would lead to stable recurring net income for the year, Gecina said.
“This is the largest unit transaction ever carried out on the French shopping-center market,” Gecina said. Most of the proceeds will be spent on office properties, the company said.
The sale by Gecina, Paris’s largest publicly traded office landlord, will complete the company’s plan to focus on its main business. Gecina previously sold its logistics and hotel assets.
Property developers Apsys and Groupe Madar will each own 40 percent of Beaugrenelle after the transaction, according to a separate statement. The rest will be owned by Financiere Saint-James, the holding company of Michael Benabou, the co-founder of online retailer Vente-privee.com.
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