Gecina to sell office building in Montrouge for €185M

Gecina to sell office building in Montrouge for €185M
Park Azur in Montrouge Photo: Courtesy of Gecina

Gecina, a French real estate investment trust (REIT) listed on Euronext Paris, has signed a bilateral sales agreement with La Française on behalf of ERAFP and SCPI to sell the “Park Azur”, an office building in Montrouge, for €185 million excluding duties.

The definitive sales agreement is expected to be signed by the end of 2019. This office building in Montrouge, with nearly 24,000 sq.m of space, is fully let to the National Nuclear Research Center (EDF Group) under a firm eight-year lease.

Since the start of the year, Gecina has sold or signed provisional or definitive sales agreements for €984m, achieving an average premium of around +12% versus their appraisal values.

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