Gecina, the largest publicly traded owner of office buildings in Paris, reported a narrower loss for last year because writedowns to the value of its properties were smaller.
The net loss shrank to €773.7m from €875.4m a year earlier, the Paris-based company said today in an e-mailed statement that didn’t provide earnings per share figures. Net asset value fell 24% to €88.3 a share.
Paris offices depreciated last year as the credit crisis reduced investment to the weakest in a decade and higher vacancy rates depressed rents. The pace of declines slowed as France’s economy emerged from a recession and investment picked up in the second half on signs that prime office rents had bottomed out. Gecina booked €871m in writedowns, compared with €990m in 2008.