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REAL ESTATE: Gecina (GFCFP: A3/A-): Moody's Review

REAL ESTATE

Moody's affirm A3 Stable

  • Property portfolio €17.1b of which €13.5b Offices, €3.6b residential
  • LFL Rental growth y-o-y 6.2%
  • ICR 5.4x, leverage 36.5%, ND/EBITDA 11.8x (down by 3x)
  • Residential portfolio is among the most stable in Europe
  • Offices very well located in Central Business district Paris

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