Gecina completes creation of €3b residential unit

French listed property firm Gecina has completed the creation of a dedicated residential subsidiary as part of plans to seek investment partners for a €3 billion ($3.2 billion) portfolio focused on Greater Paris.

The strategy was announced in December. At the time, the current housing supply in France was not aligned with the rapid growth in the urban population and its expectations in terms of centrality, flexibility and environmental efficiency. In response to these long-term trends, Gecina aims to develop and operate a residential rental offering aimed at middle-class households to supplement the existing rental offering of social or intermediate housing and private rental properties.

Gecina’s residential portfolio is made up of 6,000 apartment units, representing 409,000 square meters (4.4 million square feet).

Gecina intends to retain control of its subsidiary and maintain a group share allocation of its portfolio with around 80 percent office assets an