French REIT Gecina said its directors have unanimously decided to dismiss Christophe Clamageran as Chief Executive Officer as a result of differences concerning the priorities for the implementation of Gecina's strategy.

The board unanimously approved the appointment of chairman Bernard Michel as the company's Chief Executive Officer.

In a separate statement, Gecina clarified that its priority is to focus more on divestments than new acquisitions in the office sector. The additional sales will primarily concern the residential sector, with a further EUR 500 mln of residential asset sales being prepared.

The company is aiming to achieve a target of EUR 1.5 bn of divestments by year-end.