The development, on part of a former Renault factory site, sitson a bend in the Seine River across from Seguin Island. Hines willbegin construction of the estimated $90.6 million (€75 million)office project in late 2007. Completion is slated for mid 2009. Theselection process for an architect is underway; the winner will beannounced this summer.

The purchase represents the third time Gecina has acquiredbuildings built as part of the master-planned redevelopment of theRenault factory. In 2005, Gecina acquired roughly 431,000 sf ofspeculative office space, including: L'Angle, a 118,000-sf officebuilding in Boulogne; Building D2, a 215,000-sf office building inBoulogne; and Pyramidion, a 97,000-sf office building in La Défense(Courbevoie).

With property holdings valued at nearly $10.9 billion (€9billion), Gecina is considered one of France's largest privatelylisted rental real estate firms. Hines European Development Fund isthe first pan-European fund managed by Hines. The fund was launchedin 2002 with $467.7 million (€387 million) of equity.