Gecina sells healthcare portfolio for €1.35b
Primonial Real Estate Investment Management has agreed to buy Gecina’s healthcare property portfolio for €1.35 billion ($1.51 billion). On this transaction, Primonial REIM represents a club deal involving various institutional investors, including Suravenir, Aviva Investors and a fund managed by Amundi Immobilier. The transaction will be finalized in mid-2016, once the standard conditions precedent have been cleared. According to Gecina, this operation aligns with the group’s strategy to further strengthen its specialization in office properties in Paris. Following the sale of this healthcare portfolio, Gecina’s office portfolio is expected to represent more than 75 percent of its total portfolio. Morgan Stanley and Natixis are advising Gecina for the sale, while De Pardieu Brocas Maffei is providing legal advice.