Financing

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

38.4%

LTV (excl. transfer taxes)

A-/A3

Financial ratings

7.3 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, 2018

Gecina's net debt is €7.4 billion. Gross debt breaks down as above.

Debt maturity as of December 31, 2018

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

Covenants

 

At December 31, 2018, the Group's main covenants were:
 

 

                  Benchmark standard

Balance at 12/31/2018 

LTV

Net debt/revalued block value of property holding (excluding duties)

              Maximum 55 % / 60%                  38.4 %

ICR

EBITDA (excluding disposals)/net financial expenses

                    Minimum 2.0 x                  5.7x

 

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

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.

 

  Standard & Poor's rating Moody's rating

Long-term rating
Short-term rating

A- (outlook stable)
A-2

A3 (outlook stable)