French SIIC Gecina has acquired the C2 office development project in the new Les Docks district of Saint Ouen, France from local developer Nexity. The investment volume of about EUR 69 mln reflects a net initial yield of 8%.

'The acquisition reflects the company's strategy to expand its presence in the inner-ring suburbs of the Parisian region,' Gecina added.

The C2 building will offer 16,154 m2 of office space and 215 parking spaces. Construction work is planned to start in the second half of 2011, with completion expected for the fourth quarter of 2013.

Nexity is seeking to obtain HQE and BBC environmentally sustainable certification for the property.

Gecina has also signed an agreement to sell a portfolio of 10 office properties for a total of EUR 110 mln. The transaction is part of Gecina's asset rotation strategy aimed at increasing the net income generated by its property portfolio, it said.

The disposals involve 10 smaller properties in the Parisian region and in Lyon for a net yield of 6.9%.