Paris (France) and Montréal, Québec (Canada) – Canadian real estate company Ivanhoé Cambridge announced today two agreements concerning the property company Gecina:
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The sale to Gecina of two Paris office properties for about €1.24 billion. The transaction, which adds 122,200 m2 (about 1.3 million ft2) of office space to Gecina’s portfolio, includes the following assets:
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Tours T1 & B in the La Défense business district, totalling 88,600 m2 (953,700 ft2), the world headquarters of ENGIE Group, formerly GDF SUEZ;
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75 Avenue de la Grande Armée, totalling 33,600 m2 (361,700 ft2), the historic headquarters of PSA Group in Paris’s Central Business District.
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The conclusion of an agreement for an increase in Ivanhoé Cambridge’s economic stake in the concert* formed with Blackstone, therefore increasing its economic participation in the investment of the concert from approximately 21% to 23% of Gecina’s share capital. The concert, managed by Blackstone, is the shareholder of 29.8% of Gecina’s share capital.
“The increase of our economic participation in the investment of the concert with Blackstone to approximately 23% of Gecina’s share capital, combined with the sale of our assets to Gecina, demonstrates our support for the strategy of this leader in the office building sector in the Paris region,” commented Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge.
The transaction is subject to usual suspensive conditions.
* Notes:
1) “Blackstone and Ivanhoé Cambridge (and their affiliates, including Gevrey Investissement II S.à.r.l., Moon Finance EIII ESC-Q S.à.r.l., Moon Finance VII ESC-Q S.à.r.l. and Moon Finance Holding-Q S.à.r.l.), acting in concert through a partnership managed by Blackstone (see AMF decision and notification No. 213C0350 of March 15, 2013)”. 2) Blackstone refers to real estate funds managed by The Blackstone Group LP companies. 3) Ivanhoé Cambridge refers to Ivanhoé Cambridge II Inc.