Gecina

What Gecina does

Gecina is a publicly traded French REIT (Société d'Investissement Immobilier Cotée) listed on Euronext Paris under ticker FR0010040865, operating a €17.6 billion real estate portfolio focused on prime office and residential properties in Paris and the western Paris region. The company holds approximately 80% of its office portfolio in central Paris and Neuilly-sur-Seine, serving roughly 100,000 clients across corporate office tenants and individual residential tenants, with notable tenants including Maison Chaumet. Operations are organized under the YouFirst brand umbrella comprising YouFirst Bureau (office leasing), YouFirst Residence (residential rentals), YouFirst Campus (student housing), Yourplace, and Expériences (premium event services), supported by dedicated digital tenant engagement platforms including mobile applications for office concierge services and personalized online resident portals.

The business model is primarily subscription-recurring rental income from long-term leases, with average office lease maturity of 6 years, complemented by transaction-based revenue from disciplined portfolio rotation (€1.8 billion executed in 2025, including €600 million in accretive office acquisitions at 6.1% average yield). Pricing is negotiated individually by dedicated commercial teams based on property characteristics, location, and lease terms, with 2025 like-for-like rental growth of 3.8% (of which 2.6 points from indexation and over 1 point from operational performance) and an 8% rental uplift on 150,000 sq.m of newly leased office space. The company maintains a conservative 36% Loan-to-Value ratio, has held an A-/A3 investment-grade credit rating from Moody's and S&P for eight consecutive years, and has demonstrated access to green bond financing with a €500 million 10-year issuance in July 2025 and a follow-on €500 million 5-year issuance in May 2026.

The company employs 442 people (as of 2025) and is headquartered in Paris at 14-16 rue des Capucines. Under CEO Beñat Ortega, Gecina has pursued an ESG-led strategy achieving a 63% reduction in CO2 emissions since 2019, targeting below 5.5 kg CO2/sq.m by 2030, alongside active capital recycling toward higher-yielding prime Paris office assets. The FY 2025 recurring net income of €494.5 million (up 4.2% YoY) supported a proposed dividend of €5.50 per share representing a 7% yield and 82% payout ratio, with recurring EPS of €6.68 reflecting 26% cumulative growth since 2021.

Name

Gecina

Legal name

Gecina SA

Website

https://gecina.fr

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

251–500 employees

Short description

Gecina is a French publicly traded REIT operating a €17.6 billion portfolio of prime office and residential properties concentrated in central Paris and Neuilly-sur-Seine, serving approximately 100,000 corporate and residential tenants under the YouFirst brand ecosystem.

Ownership category

akta.pro rank

Product category

Commercial Real Estate (REIT)

NAICS

Corporate, Subsidiary, and Regional Managing Offices (551114)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

Keywords

• Prime office leasing
• Residential property rental
• Paris commercial real estate
• Student housing services
• Real estate investment trust

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Office Rental Income: Gecina generates primary revenue from leasing prime office spaces in central Paris and Neuilly-sur-Seine to corporate tenants. The company reports like-for-like rental growth of 3.8% with indexation contributing 2.6 percentage points. Strong leasing activity of approximately 150,000 square meters of office space totaling EUR 86 million in annual rents at average 6-year maturity.
2. Residential Rental Income: Revenue from residential properties including student housing, residences, and residential units in Paris. The company manages 100,000 clients across office and residential segments.
3. Asset Disposal and Portfolio Rotation: Gecina generates capital recycling through disciplined portfolio rotation, having completed approximately EUR 3 billion in disposals and EUR 600 million in acquisitions over the past year, focusing on Paris and Neuilly markets.
4. Green Bond Financing: EUR 500 million 10-year Green Bond placement successfully executed in July 2025 for sustainable development financing.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Gecina is a French REIT that acquires, develops, holds, and leases a €17.6 billion portfolio of prime office and residential real estate concentrated in central Paris and Neuilly-sur-Seine. The portfolio is operated under the YouFirst brand umbrella across three core product lines: YouFirst Bureau (office leasing to corporate tenants), YouFirst Residence (residential rentals to individuals), and YouFirst Campus (student housing), supplemented by MICE event services and Expériences premium venue offerings. The company generates recurring rental income from over 100,000 clients and complements it with disciplined capital recycling through asset disposals and acquisitions.

Product overview

Gecina is a French REIT (Société d'Investissement Immobilier Cotée) that holds, manages, and develops a €17.6 billion real estate portfolio focused primarily on prime office and residential properties in Paris and the Paris region (Île-de-France). The company's product portfolio is organized around the YouFirst brand umbrella, which encompasses YouFirst Bureau (office leasing and management), YouFirst Residence (residential rentals), and YouFirst Campus (student housing). Additional services include MICE (Meetings, Incentives, Conferences & Events) for corporate event spaces, Yourplace residential offerings, and Expériences for premium event venues. The company serves approximately 100,000 clients in tertiary (office) and residential segments, with 80% of its office portfolio located in Paris and Neuilly.

Differentiator

Problem solved

Functional benefit

Brands

• YouFirst Bureau: Office space solutions for business clients
• YouFirst Residence
• YouFirst Campus
• Expériences
• L1ve
• 35 Capucines
• Mondo
• Icône

Products and services

• YouFirst Bureau Office space rental and management service offering flexible prime office workspaces in central Paris and Neuilly-sur-Seine for corporate tenants, featuring the YouFirst Bureau mobile app with digital concierge services including badge access, package delivery, and room bookings.
• YouFirst Residence Residential rental service providing apartments and housing units for individuals and families in the Paris region, with personalized online spaces for tenants through the YouFirst Residence digital platform.
• YouFirst Campus Student housing service offering managed residences for students in Paris, with personalized online spaces and support services tailored to academic tenants through the YouFirst Campus digital platform.
• MICE (Meetings, Incentives, Conferences & Events) Event space management service for corporate events, meetings, and conferences utilizing Gecina's premium office properties in central Paris.
• Expériences Premium event and experiential services leveraging Gecina's iconic property portfolio for corporate and private events.
• Yourplace Residential rental offering within the YouFirst portfolio, providing housing solutions for individual tenants as part of Gecina's residential brand ecosystem.

Quantifiable outcome

• 94.1% occupancy rate achieved
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Covivio: French/European REIT focused on prime office assets in Paris and major European cities. Most directly comparable to Gecina given overlapping Paris office exposure, similar institutional investor base, and comparable A-rated credit profile.
• Icade: French REIT (SIIC) with office portfolio concentrated in Paris and the Île-de-France region, plus healthcare real estate. Direct comparison in terms of French REIT structure, Paris office exposure, and institutional asset management mandate.
• Inmobiliaria Colonial: Spanish REIT (SOCIMI) with prime office portfolio in Paris, Madrid, and Barcelona. Notable Paris overlap with Gecina and similar focus on CBD office assets leased to multinational corporates under long-term contracts.
• PSP Swiss Property: Swiss-listed REIT with prime office portfolio concentrated in Zurich, Geneva, and Basel. Closely comparable to Gecina in business model — prime urban office landlord, long leases, ESG-driven portfolio — though operating in the Swiss rather than French market.
• SL Green Realty: US REIT and largest office landlord in Manhattan. Closely comparable in prime urban CBD office focus, institutional-grade tenant base, and capital recycling strategy, though in the New York rather than Paris market.
• Boston Properties: US REIT focused on Class A office properties in Boston, New York, San Francisco, and Washington DC. Direct comparison for prime urban office REIT economics, ESG-focused repositioning, and large institutional tenant relationships.

Broad incumbents

• Klépierre: Major French REIT focused on retail shopping centers across continental Europe. Comparable as a French listed REIT but operates in retail rather than office/residential, providing investor reference point for SIIC structure and French capital markets access.
• Unibail-Rodamco-Westfield: European heavyweight REIT operating prime retail and office assets including in France. Comparable as a major European listed REIT with Paris presence, though asset mix skews retail; useful for institutional benchmarking on size and capital structure.
• Vonovia: Germany's largest residential REIT with over 500,000 units across German cities. Comparable as a large European residential landlord with institutional capital structure, though focused on the German regulated rental market rather than prime urban Paris.
• LEG Immobilien: German DAX-listed residential REIT managing ~145,000 units primarily in North Rhine-Westphalia. Useful comparison for residential REIT economics, though operates in a different regulatory and demographic market than Gecina's Paris residential segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/gecina
• YouTubeyoutube.com/channel/UCiKYk3Nzq5OHqstqa__Ip0Q
• LinkedInlinkedin.com/company/gecina

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gecina