French real estate investment trust Gecina has agreed to sell a portfolio of 28 logistics assets to private equity firm Blackstone for almost EUR 203 mln in a deal that unload almost its entire logistics portfolio.
French real estate investment trust Gecina has agreed to sell a portfolio of 28 logistics assets to private equity firm Blackstone for almost EUR 203 mln in a deal that unload almost its entire logistics portfolio.
The purchase price represented a 13.9% discount compared with the assets' valuation at the end of 2011.
Gecina said the deal, which leaves it with two 'non-significant' assets, represented a 'decisive step' in realigning its portfolio around its strategic office, student housing and healthcare assets. The financial occupancy rate on the portfolio is 82.7%, the company added.
The disposal is also in line with the group's deleveraging strategy and will enable the Paris-based group to revise its sales target for 2012 from EUR 1 bn initially up to more than EUR 1.2 bn.
Gecina was advised by Barclays, De Pardieu Brocas Maffei and the notary’s offices Wargny and Oudot. Blackstone was advised by Jones Day, Salans and PricewaterhouseCoopers, as well as the notary’s office Attal.
