Gecina: agreement to sell hotels to Angelo Gordon

(CercleFinance.com) - Gecina says that it has signed a unilateral purchase agreement with Angelo Gordon, whereby it has agreed to acquire Gecina's portfolio of hotels for a non-cash valuation of 181 million euros.


This portfolio consists of the walls and business assets of five hotels located in the Paris region - Paris, Boulogne, Bougival and Roissy. Subject to the completion of the employee information-consultation procedure, this deal could be finalised by the end of the year.

It comes as part of the real estate group's strategy of refocusing its offices and housing activities in the most central areas of Paris and the Paris region and offers a premium of around 3.5% compared to the valuation estimates at the end of 2018.


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