French SIIC Gecina has announced a major disposal programme in an effort to lower gearing to around 40% by 2012 from 44% at present. In a statement this week, the Paris-based real estate investment trust said it is planning to offload a further EUR 500 mln of residential assets in block sales by the first half of 2012 and to withdraw from the logistics and hotel sectors.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
