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: 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 Short-term rating	A- (outlook stable) A-2	A3 (outlook stable)

Standard & Poor's rating

Moody's rating

Long-term rating
Short-term rating

A- (outlook stable)
A-2

A3 (outlook stable)

Financing

A solid financial structure

Debt structure as of December 31, 2018

Debt maturity as of December 31, 2018

Covenants

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

Debt

Medium- and long-term debt

Short-term debt

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.