Gecina SA
F:GI6A
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Gecina SA
F:GI6A
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Gecina SA
Gecina SA is a French property company that owns, develops, and manages buildings, mainly offices in central Paris and nearby business districts, along with a smaller portfolio of residential properties. It makes money the old-fashioned way: by collecting rent from tenants and, from time to time, by selling properties it no longer wants to keep. Its main customers are companies that need office space and individuals or institutions that live in or rent residential buildings. Gecina sits in the middle of the real estate chain, acting as both landlord and asset manager. It looks for well-located buildings, renovates and maintains them, and tries to keep them attractive to tenants over the long term. What makes Gecina’s business model distinct is its focus on prime urban property in a tight, supply-constrained market. That means its value depends less on selling a product and more on owning the right buildings in the right places, keeping them occupied, and protecting their long-term rental income.
Gecina SA is a French property company that owns, develops, and manages buildings, mainly offices in central Paris and nearby business districts, along with a smaller portfolio of residential properties. It makes money the old-fashioned way: by collecting rent from tenants and, from time to time, by selling properties it no longer wants to keep.
Its main customers are companies that need office space and individuals or institutions that live in or rent residential buildings. Gecina sits in the middle of the real estate chain, acting as both landlord and asset manager. It looks for well-located buildings, renovates and maintains them, and tries to keep them attractive to tenants over the long term.
What makes Gecina’s business model distinct is its focus on prime urban property in a tight, supply-constrained market. That means its value depends less on selling a product and more on owning the right buildings in the right places, keeping them occupied, and protecting their long-term rental income.
Leasing held up: Gecina said H1 leasing remained solid, with 48,000 square meters signed, a 13% rental uplift, and occupancy still around 94%.
Guidance confirmed: Management reaffirmed 2026 recurring net income guidance of EUR 6.70 to EUR 6.75 per share, saying the company remains on plan despite a complex market.
Portfolio quality improved: The company kept shifting its portfolio toward prime Paris and Neuilly assets, while expanding fully managed offices and other flexible products that are proving able to command higher rents.
Costs and margins improved: Rental margin rose 160 basis points year-on-year, and the EPRA cost ratio fell to 14% from 21% in 2021.
Capital recycling continues: Gecina completed EUR 250 million of disposals in H1 and secured another EUR 80 million in July, using proceeds to fund redevelopment and keep leverage stable.
Market still muted: Management described Paris investment markets as quiet, with limited liquidity, while saying occupier demand remains strongest for prime, flexible, well-located space.