Gecina sells office property in Paris for €216m

Gecina sells office property in Paris for €216m
Le Valmy Building Photo:Courtesy of Gecina

French real estate investment trust (REIT) Gecina, listed on Euronext, has sold Le Valmy, an office building located in eastern Paris, on the border with Montreuil for €216 million to Primonial REIM.

The assets, with a surface area of ​​more than 29,000 m2 spread over 7 levels, benefit from exceptional visibility thanks to its frontage of 175m and a corner location at the entrance to the city. The asset is occupied primarily by the BNP Paribas Group.

On this transaction, Gecina was advised by BNP Paribas Real Estate, CBRE and Wargny Katz. Primonial REIM was advised by the law firm IC Avocats for the legal part, by the study 14 Pyramids for the notarial part and by the company Theop for the technical part.

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“This building’s sale reflects the Group’s commitment to further strengthening its portfolio at the heart of the Paris Region’s most resilient and most central business sectors through the proactive rotation of its portfolio,” said Méka Brunel, Chief Executive Officer of Gecina.

“I am delighted with the acquisition of this quality asset, located in the heart of Greater Paris, in Montreuil, a sector whose attractiveness will continue to strengthen with the arrival of many major projects. This transaction is fully in line with the strategy of our SCPI Primopierre to invest in Core buildings located in established areas and which offer rental reversion potential in the medium term,” said Grégory Frapet, Chairman of the Primonial REIM Management Board.