| Corporate transactions: |
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Acquisition of 100% of Sophia, the 4th-largest listed property company, following a takeover bid and public offer. |
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Acquisition from GAN of UIS, a listed property company. |
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Acquisition from GA of the property company Ariane, with an asset portfolio of 85 buildings, 50% of which are located in the French regions and 50% in the Ile de France, along with its 100%-owned asset management company, GAGI, based in Toulouse. |
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Acquisition from the Giraud Group of a portfolio of ten assets, offices, warehouses and a logistics site. |
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Takeover of IPBM, a listed Company, with IDI's agreement, and transformation into a listed property company with "SIIC" status., seeded with acquisitions of €350 MM of assets in 2006. |
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Outsourcing - Sales & Lease back transactions: |
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2001: the Caisse des Dépôts Group, Goldman Sachs (Whitehall Fund) and GE Real Estate France joined forces to acquire 473 real estate assets from France Telecom as part of an outsourcing transaction. This was the largest transaction in France at that time. |
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2003: Acquisition from the Suez Group of 3 office buildings in the Paris business district.
The portfolio included 2 CBD properties (rue de la Ville l'Evêque & rue d'Astorg) as well as a block situated in the Bercy district. |
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2006: Acquisition of 20 logistics and parcel services buildings from the Mory Group: 190,000sqm of warehouse and 50,000 sqm to be developed.
1/3 of these assets are located in the Paris area and the rest in the regions (Orleans and Lille). |
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2007: Acquisition from the group Galeries Lafayette of a 22,500 sqm office building in Paris, located rue des Archives (75003 Paris). Long term lease back to Laser Cofinoga (Galeries Lafayette subsidiary). |
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2007: Acquisition from Schneider of a 8,300 sqm office building in Rueil Malmaison (suburb of Paris). |
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2007:Acquisition from Lucia of 3 Club Méditerranée "hotel-clubs" (34,000 sqm). These 3 assets are located at Serre Chevalier (French Alpes), Sant’ Ambroggio (Corsica) and Wengen (Switzerland). They are leased back to the Club Méditerranée for 13 years. |
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Our partnerships: |
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Our partnership with Foncière des Régions began when Foncière des Régions took a stake in Bail Investissement Foncière in 2005. This joint venture has been quite active, in particular leading to the acquisition of the Technical portfolio from CGW at the beginning of 2006, the merger of Bail Investissement with Foncière des Régions at the end of 2006 and, early in 2007, the signing of the Memorandum of Understanding providing for GE Real Estate France to take a stake in Foncière Europe Logistique.
We gradually sold our stake in Foncière des Régions in 2008 (last portion sold in November 2008). |
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In 2007, GE Real Estate France took a 12.5% stake in Foncière Europe Logistique (Group FDR), a listed company specialized in logistics. |
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At the beginning of 2007, GE Real Estate France took a 19% equity stake in Gecimed (formerly Sofco), along with Gecina, RBS, SCOR. The portfolio mainly consists of hospitals that are leased and managed by the Générale de Santé Group, France’s largest hospitality operator.
We sold our stake in December 2008. |
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The joint venture with Cogedim was established in 2003 with joint investments in the residential sector. In 2006, it expanded with the creation of a EURO 450 million investment fund dedicated to developing speculative office properties. GE is the main shareholder, with 41.7%, along with Cogedim (10%), BPF Bouwinvest (17.8%), SCOR (16.7%) and Fortis (13.8%). |
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In 2008, GE Real Estate joined Cardif (BNP Paribas) as a Founding Limited Partner of Capital France Hotel (“CFH”), a Pan-European hotel fund managed by Algonquin Asset Management France (“AAMF”).
CFH currently owns and manages a portfolio of 13 three and four-star hotels in urban locations. GE Real Estate brought three of the French assets, operated by Accor and Marriott, into the Fund. GE Real Estate holds a 38% stake in the fund. |
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Corporate Transactions