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Primonial Reim, leading a group of investors including asset manager Amundi and insurers Aviva and Suravenir, has signed the acquisition of Gecina’s entire healthcare property portfolio for €1.35 bn.

The price paid reflects a net yield of 5.9% and a premium of around 16% compared with the assets' latest appraisal values per 30 June 30 2015.

The transaction, which is expected to close in mid-2016, is part of Gecina’s strategy to focus on value-add offices in Paris, the French real estate investment trust said in a statement. Office assets will make up more than 75% of Gecina’s portfolio following the deal, it added.

Last year the French group bought two Paris assets from Canadian investor Ivanhoé Cambridge for €1.24 bn. The transaction, which added 122,200 m2 of office space to Gecina’s portfolio, involved the 88,600 m2 T1 & B tower in the La Défense business district, which currently houses the global headquarters of Engie Group; and a 33,600 m2 office complex at 75 Avenue de la Grande Armée, currently housing the historic headquarters of PSA Group in Paris’s Central Business District.

‘We are planning to focus on larger offices in the city centre of Paris and in mature office districts near the capital city, as well as on the Part Dieu district of Lyon,’ CEO Philippe Depoux recently told PropertyEU. 'We plan to be more selective than ever regarding locations,’ Depoux noted, added that the company will consider investments primarily in Paris’ city centre, La Défense, Boulogne, Issy-les-Moulineaux, Neuilly-sur-Seine, as well as the Part Dieu district in Lyon.

Morgan Stanley and Natixis advised Gecina on the sale, while De Pardieu Brocas Maffei provided legal advice. KPMG Corporate Finance was appointed as an independent expert to review the competitive sales process.