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


LTV (excl. transfer taxes)


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.



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


                  Benchmark standard

Balance at 12/31/2020


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

              Maximum 55 % / 60%                  36.6 %


EBITDA / net financial expenses

                    Minimum 2.0 x                  5.6 x



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

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.


  Standard & Poor's rating Moody's rating

Long-term rating

A- (outlook stable)

A3 (outlook stable)

Short-term rating