Funds managed by Apollo Global Management have originated a €161.3 mln, five-year, floating rate senior loan for the acquisition of the Millenaire 1 office complex located at 35 Rue de la Gare in Paris.
The 7-storey office building located in the 19th arrondissement in Northern Paris was bought by a fund managed by Brookfield Asset Management in February from French REIT Icade for €230 mln.
The property is part of Le Millenaire, Icade’s 240,000 m2 mixed use master plan redevelopment in the French capital and is 100% let.
This is the second senior office loan Apollo has originated in Paris over the past 12 months, as the firm looks to expand its lending business in France. In December 2020, Funds managed by Apollo Global Management provided a €101.3 mln, 4-year, floating rate senior loan for the acquisition of 65 Rue Paul Meurice, an 8th storey office building in northeast Paris. The sponsor is a joint venture led by Paris office specialist Hemisphere.
Apollo Commercial Real Estate Debt currently manages CRE debt AUM of $29 bn.
