Primonial-Led Group Buys Gecina Health Assets for $1.51 Billion

Primonial Reim, leading a group of investors including Amundi SA and Aviva Plc, agreed to buy Gecina SA’s healthcare property portfolio for 1.35 billion euros ($1.51 billion).

The transaction, to be completed mid-2016, is part of Gecina’s strategy to focus on Paris offices, the French real estate company said in a statement late Monday. Office assets will make up more than 75 percent of Gecina’s portfolio following the deal, it said.

Primonial is the lead bidder representing a group of investors including Suravenir, Aviva and a fund managed by Amundi Immobilier, Gecina said.

Morgan Stanley and Natixis SA are advising Gecina for the sale, while De Pardieu Brocas Maffei is providing legal advice, it said.

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