French real estate group Gecina has agreed to sell the 101 Champs-Elysées building in the heart of the “triangle d’or” of the Paris CBD district.
With the disposal of the 101 Champs-Elysées building, Gecina has completed or secured nearly €1bn of sales since the start of the year, representing around 42,000 sq.m of offices and residential assets.
In the first and second quarter of the year, the Group completed or secured the sale of three office buildings in Paris’ Central Business District (129 Malesherbes, 142 Haussmann, and 43 Friedland), representing around 5,000 sq.m, as well as an office building in Cergy Pontoise (10,000 sq.m) and the Abreuvoir residential building in Courbevoie (16,600 sq.m).
The 101 Champs-Elysées building offers around 10,000 sq.m of space, including 40% retail, with the rest mainly comprising offices. It is currently occupied by the company Louis Vuitton Malletier.
The Group said all of the sales secured this year have achieved a premium versus the latest appraisal values, with an average premium of around +10% and an average rate for the loss of rental income of 2.5%.
Beñat Ortega, Chief Executive Officer: “These transactions reflect Gecina’s strategic commitment to continuing to optimize its capital allocation in order to further consolidate the solidity of its financial structure and secure financing for a pipeline located primarily in Paris and Neuilly, driving value creation and growth, while opening up opportunistic financial headroom in the current and future real estate markets”.
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