An asset exchange deed was signed on 7 November 2019 between the Caisse de Retraite du Personnel Navigant (CRPN) and Gecina as part of the transfer of the "Carreau de Neuilly" building, located in the western Paris suburb of Neuilly-sur-Seine. The Caisse de Retraite du Personnel Navigant signed the transfer of this office building to Gecina for an amount of EUR 306 million, excluding rights. The building has a 90% occupancy rate, with a floor area covering 34,000 sq.m.
Gecina transfers two fully-leased office buildings located in Neuilly-sur-Seine (17,500 sq.m.) and Paris (3,200 sq.m.) for a combined amount of EUR 238 million, excluding rights. The price difference is the object of financial compensation.
Gide assisted CRPN on the real estate and corporate aspects of the operation, with respectively counsel Antoine Mary and associate Elise Bernard.
CRPN was also assisted by notarial study Cheuvreux, firm Arsène Taxand, and DB Real Estate Consulting.
Property company Gecina was advised by De Pardieu Brocas Maffei and notarial study Oudot & Associés.