X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARIS-Gecina and GE Real Estate France have paid euro 629 million ($796 million) to acquire a 700,000-sm European property portfolio from Groupe Bleecker.

Gecina, which is a division of Metrovacesa, will pay euro 304 million ($385 million) for 450,000 sm of property mainly dedicated to logistics, the groups say in a joint statement. GE Real Estate will pay euro 325 million ($411 million) for 220,000 sm of property in Paris and its surroundings, of which approximately half are occupied by offices and the rest assorted commercial activities.

The statement adds that the deal will give Gecina a strong position in logistics sites in France’s main business zones and in Belgium, Spain, Poland and Hungary. It adds that the dynamic market conditions in this sector have been confirmed in the year to date.The Gecina portfolio is leased to major groups and will generate annual rents of euro 21.7 million ($27.48 million), the statement says.

And in a separate deal, Metrovacesa SA has acquires 14,000 sm of land in a Barcelona industrial of Distrito Empresarial 22 for an undisclosed sum. The statement says it plans to develop a business park on the land, which it has acquired from unlisted companies Mecasis and Satsa.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.