Altarea Cogedim's investment fund AltaFund and Goldman Sachs have announced they are launching the renovation of the Pascal Towers at Paris' financial district of La Défense.
Altafund and Goldman Sachs have secured financing from Natixis as lead arranger, Helaba and Crédit Foncier de France for the project, which aims to transform the buildings into a 70,000 m2 office complex to be renamed Landscap.
The mortgage financing represents the largest ever financing without a pre-lease agreement in the La Défense district, according to the landlords.
Built in 1983, the scheme was bought by the two partners in 2015.
AltaFund and Goldman Sachs were advised by Archers and Allez et Associés, while Natixis was assisted by Mayer Brown and Ginisty & Associés.
Thierry Bernard, head of Real Estate Finance, Europe at Natixis said: 'This landmark transaction in La Défense was only possible because of our close relationship with Altarea and Goldman Sachs, which is based on a high level of mutual trust and our commitment to providing the right solutions to our clients’ needs. It is also a reflection of the confidence underpinning the La Défense real estate market, which bodes well for further transactions to support the district’s development.'
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd largest banking group in France.
