Ivanhoé Cambridge sells Paris properties for €1b
Ivanhoé Cambridge has sold two office properties in Paris for €1.24 billion ($1.4 billion) to Gecina SA, a Paris-based REIT.
The 1.3 million-square-foot portfolio consists of the 953,700-square-foot Tours T1 and B in the La Défense business district and the 361,700-square-foot 75 Avenue de la Grande Armée in Paris’s CBD.
Ivanhoé Cambridge has also increased its economic stake in a partnership formed with The Blackstone Group that holds an ownership interest in Gecina, increasing its economic participation from approximately 21 percent to 23 percent of Gecina’s share capital. The vehicle, managed by Blackstone, holds 29.8 percent of Gecina’s share capital.
Ivanhoé Cambridge and Blackstone established their holdings in Gecina in 2012. Two of Gecina’s stockholders, Alteco Gestion y Promocion de Marcas and MAG Import, which owned 31 percent of the real estate company, filed for bankruptcy in