GE Commercial Finance Real Estate France announces the integration of GE Real Estate France and Sophia's Teams
Paris, 14 February 2005 : GE Commercial Finance Real Estate announces the integration of GE Real Estate France (GEREF) and Sophia’s teams. GEREF and Sophia are now merged into a single entity and will operate under the name of “GE Commercial Finance Real Estate France”. François Trausch is appointed President of GE Commercial Finance Real Estate France.
This new organisation follows the acquisition of Sophia by GE in February 2004 and subsequent delisting of Sophia shares in January 2005, Sophia being 100% held by GE.
Operational responsibilities in the new entity will be as follows:
- Cécile de Guillebon will continue to be in charge of new acquisitions. Patrick Menuet will join this team.
- Thierry Riba will be in charge of risk management for new acquisitions.
- Daniel Chevillon will head a new department, “Risk asset management”, which will principally focus on managing risk for existing holdings (€5.5 billion). Gérard du Manoir joins this mdepartment.
- Eric Allard will be responsible for Asset Management for both portfolios. This department is made up of
- two asset managers teams, led respectively by Arthur d’Hauteville and Jean-Jacques Maréchal;
- the development/promotion team, led by Nicole Miot and the special business team led by Jean-Louis Torres; and
- a sales team which reports directly to Eric Allard.
London and Sofia – 30 August 2005 – A consortium led by GE Commercial Finance Real Estate (“GE”) has acquired a 50% stake in a joint venture partnership established by AVIV, an Israeli property development company, and CCI, an Israel-based cinema operator, to develop the “Mall of Sofia”, a mixed-use building currently under construction in Sofia, the capital of Bulgaria. The consortium, whose investors include Golub, GE’s long-established partner in Central Europe, has acquired its share for approximately €37 million. The Mall of Sofia is the first high-quality modern mixed-use scheme to be developed in the centre of Sofia and will total 33,500 sq metres. The building will comprise a two level shopping centre (15,520 sq m), a 12-screen cinema (4,300 sq m), a supermarket (3,900 sq m) and a five-storey office building (9,790 sq m). Construction on the retail element began in July 2004, with completion scheduled for March 2006, and pre-lets totalling 78% have already been secured. It is anticipated that the office component will be completed in May 2006 and marketing to potential occupiers has already commenced. Karim Habra, Managing Director of GE Commercial Finance Real Estate Central Europe, commented: “We are extremely pleased to have acquired a 50% stake in this prime, flagship scheme in the heart of Sofia. The Mall of Sofia will be the most significant shopping and leisure destination in the city, with the added advantage of being anchored by a major supermarket. “This transaction marks the first investment GE has made in Bulgaria and further demonstrates our intention to increase our presence in the Central and Eastern European region, where we believe there are strong prospects for growth.” Following this acquisition, GE will be invested in 19 shopping centres in Central and Eastern Europe.
