Financing

Our financial performance confirms the correctness of our value-creation strategy.

35.6%

LTV (excl. transfer taxes)

A-/A3

Financial ratings

7.1 years

Debt maturity

A solid financial structure

Our financial structure ensures solidity through controlled financial ratios, privileged access to various sources of financing, diversification of our financial resources, and a healthy cash position.

Debt structure as of December 31, 2020

Gecina's net debt is €7.0 billion. Gross debt breaks down as above.

Debt maturity as of December 31, 2020

After taking unused credit lines into account, all the Group's payment short-term obligations were covered.

Covenants

At December 31, 2020 the Group's main covenants were:


	Benchmark standard	Balance at 12/31/2020
LTV Net debt / revalued block value of property holding (excluding duties)	Maximum 55 % / 60%	36.6 %
ICR EBITDA / net financial expenses	Minimum 2.0 x	5.6 x

Debt

Medium- and long-term debt

Discover the details of its bond issues.

Short-term debt

Discover the details of its short-term securities

Find out more

Our latest financial transactions

44% of Gecina’s bank lines are now responsible, representing 2 billion euros: Read the press release
Gecina successfully raises €400m on the bond market, with an average maturity of 10.1 years and an average yield of 0.47%: Read the press release
Gecina successfully places a 500-million euro bond issue with a 15-year maturity at 1.625% and launches a Tender Offer on three of its outstanding series of notes: Read the press release
Gecina sets up a sustainability performance-linked loan with Crédit Agricole CIB: R ead the press release
Gecina concludes with ING France the first sustainable improvement loan indexed on its GRESB Rating: R ead the press release
Gecina successfully carries out a new €500m bond issue with a 12-year maturity and 1.625% coupon: Read the press release
Bond tender offer finalized: Read the press release
Gecina successfully places a 700 million euro bond issue at 1.375% and opens an offer to redeem three outstanding bond issues: Read the press release

Financial rating

We are rated by two independent rating agencies: Standard & Poor's and Moody's. Their ratings confirm our solvency, and facilitate our access to financial markets.

	Standard & Poor's rating	Moody's rating
Long-term rating	A- (outlook stable)	A3 (outlook stable)
Short-term rating	A-2

Financing

A solid financial structure

Debt structure as of December 31, 2020

Debt maturity as of December 31, 2020

Covenants

At December 31, 2020 the Group's main covenants were:

Debt

Medium- and long-term debt

Short-term debt

Our latest financial transactions

44% of Gecina’s bank lines are now responsible, representing 2 billion euros

Gecina successfully raises €400m on the bond market, with an average maturity of 10.1 years and an average yield of 0.47%

Gecina successfully places a 500-million euro bond issue with a 15-year maturity at 1.625% and launches a Tender Offer on three of its outstanding series of notes

Gecina sets up a sustainability performance-linked loan with Crédit Agricole CIB

Gecina concludes with ING France the first sustainable improvement loan indexed on its GRESB Rating

Gecina successfully carries out a new €500m bond issue with a 12-year maturity and 1.625% coupon

Bond tender offer finalized

Gecina successfully places a 700 million euro bond issue at 1.375% and opens an offer to redeem three outstanding bond issues

Financial rating

We are rated by two independent rating agencies: Standard & Poor's and Moody's. Their ratings confirm our solvency, and facilitate our access to financial markets.