We have updated our model on Gecina to capture more aggressive expectations for Paris. Gecina published Q1 16 results with GRI at €147m, up 7.3% yoy and flat lfl as expected. EBITDA stood at €122.6m, up 8.3% and net income at €96.8m gained 16% yoy. The group has confirmed its target of net income growth of above 5% excluding Gecimed.
