February 20, 2014 / 9:16 PM / 4 years ago

Gecina sells Beaugrenelle shopping mall in Paris for 700 mln euros

PARIS, Feb 20 (Reuters) - French property group Gecina has reached a preliminary deal to sell the Beaugrenelle shopping mall in Paris for 700 million euros ($960 million) to a group of private investors, the company said on Thursday.

Gecina has been selling off non-core assets after two key Spanish shareholders filed for bankruptcy in October 2012. Investment fund Blackstone and Canadian real-estate fund Ivanhoe Cambridge have since bought some of the company’s debt.

Gecina owns and is developing properties worth 10.7 billion euros, most of which are in Ile-de-France, the region surrounding Paris.

Gecina said the purchasers had been acting via Apsys, a commercial property operator.

$1 = 0.7293 euros Reporting by Maya Nikolaeva; Editing by Anthony Barker

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