PARIS–(BUSINESS WIRE)–Regulatory News:
Gecina (Paris:GFC):
Moody’s has upgraded its outlook for Gecina’s rating from A3 (outlook
negative) to A3 (outlook stable).
Moody’s indicated that the revision of Gecina’s rating outlook reflects
the reduction in the Group’s debt, thanks to progress made with the
program of sales announced when Eurosic was acquired, which has already
made it possible to bring the proforma LTV, taking into account sales
under preliminary agreements at end-June, down to less than 40% (38.4%).
The rating agency also highlighted the improvement in the Group’s
liability structure, particularly with the financing lines transferred
from Eurosic and Foncière de Paris to Gecina SA in June 2018, as well as
the early repayment of financing facilities previously held by Eurosic.
Lastly, Moody’s approves the decision announced by Gecina at the start
of the year to keep its residential portfolio at the heart of its
strategy and the positive trends observed for office markets in Paris.
For Méka Brunel, Chief Executive Officer: “By upgrading the
outlook for Gecina’s rating today, Moody’s has recognized the successful
integration of Eurosic within a record timeframe, in line with the
roadmap set out when the operation was announced, particularly in terms
of reducing debt and restructuring liabilities, as well as integrating
the teams and assets. The outstanding work accomplished by Gecina’s
teams over the last 12 months has made it possible to achieve the
Group’s objectives for its business combination with Eurosic so quickly”.
———–
Gecina, living the city in a different way
Gecina owns, manages and develops property holdings worth 19.8 billion
euros at end-June 2018, with nearly 93% located in the Paris Region. The
Group is building its business around France’s leading office portfolio
and a diversification division with residential assets and student
residences. Gecina has put sustainable innovation at the heart of its
strategy to create value, anticipate its customers’ expectations and
invest while respecting the environment, thanks to the dedication and
expertise of its staff.
Gecina is a French real estate investment trust (SIIC) listed on
Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60,
Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders
and Vigeo indices. In line with its commitments to the community, Gecina
has created a company foundation, which is focused on protecting the
environment and supporting all forms of disability.
Contacts
GECINA
Financial communications
Samuel
Henry-Diesbach, Tel: +33 (0)1 40 40 52 22
samuelhenry-diesbach@gecina.fr
ou
Virginie
Sterling, Tel: +33 (0)1 40 40 62 48
virginiesterling@gecina.fr
ou
Press
relations
Julien Landfried, Tel: +33 (0)1 40 40 65 74
julienlandfried@gecina.fr
ou
Armelle
Miclo, Tel: +33 (0)1 40 40 51 98
armellemiclo@gecina.fr