After completing one of the most eye-catching transactions of 2023 with the sale of 101 Champs-Élysées, Gecina could well be shaking up the market very soon.
According to several sources, the listed real estate company is looking to dispose of its YouFirst Campus platform of student residences.
According to Business Immo's information, Morgan Stanley has been mandated to carry out the sale, for which Gecina expects to receive around €600 million. Business Immo has learned that a sale process is underway and that bids could be submitted in the next few days.
Gecina declined to comment.
The listed real estate company launched its YouFirst Campus brand in 2018, with gross rental income of €22.6 million in 2023 (+9.8%; +8.1% like-for-life). This growth was mainly "driven by the capture of substantial positive reversionary income, made possible by tenant turnover on this type of product, as well as the opportunity offered to young working people to become tenants, thereby improving occupancy rates", said the group on the sidelines of its annual results presentation. At 31 December, the financial occupancy rate stood at 87.7%.
YouFirst Campus, whose official website lists 24 addresses, has several residences in or near Paris: 55 rue Brillat-Savarin (13th arrondissement), 15 rue du Colonel-Colonna-d'Ornano (15th arrondissement), 75 rue du Château-des-Rentiers (13th arrondissement) and Terrasse Valmy, in La Défense.
Gecina's entire residential portfolio, managed by Beñat Ortega, was valued at €3.56 billion at the end of 2023.
In 2023, the company shook off its torpor in a stagnant investment market with a press release titled: "€1 billion of disposals since the start of the year". Six assets were involved, including its jewel, 101 avenue des Champs-Élysées, acquired by LVMH for over €700 million in an off-market transaction.
