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Traded as EuronextGFC
CAC Mid 60 Component
Industry Commercial Real Estate
Healthcare Real Estate
Shopping Malls
Residential Real Estate
Founded 1959
Headquarters Paris, France
Key people
Bernard Michel, board ch
Christophe Clamageran, man dir
Michel Gay, cfo
Revenue €616.8 million (2010)Decrease4.7%[1]
Increase€16.39 million (2010)[1]
Total assets €11.0265 billion (2009)[2]
Total equity €5.371 billion (2009)[2]
Number of employees
587 (Dec. 2010, was 631 in 2009)
Divisions Office Space

Gecina is a residential and office focused real estate investment trust (REIT). Almost all of its business comes from France (in 2009 only 1% of assets were abroad) where it dominates the Paris market (is the largest residential and commercial property owner, France is the 2nd biggest market for real estate in Europe outside London).[3] Outside Paris it has traditionally been a large investor in Lyon. As of 2010 Gecina is reducing its interest in some business lines such as warehouses because of their limited market growth potential.[4]

The company has the third highest asset value among European REITs, largest French SIIC[clarification needed] by market cap and second largest publicly traded property company in France (next to Fonciere des Regions and Icade).[5][6] 88% of business comes from only two of five business segments (offices and residential) and in March 2010 it had a market cap of $6.6 billion.[2][7] For the 2010 fiscal year 83% of rental revenue came from the Paris region (47% from the city core), 15% from elsewhere in France (40% of that from Lyon) and 2% from abroad. Leading revenue generating assets were offices (54%) followed by residential structures (30%). Healthcare (8%), logistics (5%) and hotels (2%) contributed a combined 15%.[1] Gecina is a constituent of the FTSE EPRA/NAREIT Developed Europe index and a member of the European Public Real Estate Association[8] (EPRA).


Gecina was founded in 1959 as Groupement pour le Financement de la Construction, an SII[clarification needed] (French term for a special type of real estate investment company that only invests in residential properties) focused on promoting housing development in Paris. SII was a relatively new concept invented by the French government in order to help companies interested in creating real estate but put off by French housing laws (laws that were meant to keep rent prices affordable). Lenient buildings codes (generous in terms of height restrictions) helped the company grow in the 1960s until new restrictions were introduced in the late 1970s. The 1990s were bittersweet, although the company faced increased competition and recessionary effects on the housing market, it made key acquisitions beginning with Groupement Français pour l'Investissement Immobilier in 1991, Foncina in 1997 and then Union Immobilier de France and La Foncière Vendôme (last two combined were about the same size as GFC before the acquisitions). In 1993 a change in focus to commercial properties forced it to relinquish its status as an SII (and the benefits that came with it). In 2002 Gecina acquired real estate company Simco for 2.2 billion euro doubling its residential division.[9]


Most revenue comes from the renting (apartments) and leasing (agreements made with tenants that include both large companies PepsiCo, Royal Dutch Shell and small retailers) of office space (58% of revenue), residential (30% of revenue), logistics business lines, hotels and healthcare facilities (12% of revenue combined). The logistics business which markets itself as Gecilog added 122,900 square meters of property in Paris to its control in 2006.[10] Business relating to healthcare is under the control of subsidiary Gecimed.

At the end of 2009 the company's main shareholders (held 68.48% of Gecina) were Metrovacesa with 27% (the biggest real estate investment company in Spain before debt problems led to its reorganization in 2009, controlled Gecina as recently as 2007 with over a 60% interest), former CEO M.Rivero, M. Soler and Predica which is the insurance division of Credit Agricole.

Properties in France[edit]

Here are some structures associated with Gecina. Some are part of its portfolio others were developed by the company.

L'Angle - 11,000 m2 of office space, Ouest Park Sable sur Sarthe - 135,000m2 logistics business park, Private Hospital of the Estuary Le Havre Havre - Hospital with 356 beds, Champs-Élysées - Large office and retail building in Paris, Le Vivaldi - High end residential building, Khapa - multi use building, Trapèze Ouest complex - offices in the Trapèze Ouest area of Paris partnered with Hines Group which developed about two thirds of the 90,000 m2 of space.[11]