Oct. 6 (Bloomberg) -- Gecina SA, the French real-estate investment company, said it will focus on asset sales in residential property to help accelerate debt payments.
Gecina’s board plans to speed up the payments to creditors by selling 500 million euros ($670 million) of residential real estate assets, the Paris-based company said in a statement today. Gecina said it plans to “rapidly achieve” 1.5 billion euros of divestments and focus less on acquisitions of office space.
In July, Gecina said profit fell 7.8 percent in the first half because of higher borrowing costs. The company sold 559 million euros of property during the first six months of the year, trimming net rental income by 14.4 million euros.
The company said Oct. 4 that Christophe Clamageran stepped down as chief executive officer because of differences over “the priorities for the implementation of Gecina’s strategy.” Clamageran, who joined in November 2009, was replaced by Bernard Michel.
The company’s shares have fallen 19 percent this year, giving it a market value of 4.2 billion euros.
--Editors: Jeff St.Onge, Kara Wetzel.
To contact the reporter on this story: Chris Spillane in London at email@example.com.
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org.