A consortium of German banks has arranged a EUR 400 mln refinancing facility for the recently completed T1 tower, the B building B and the Jacques Cartier parking at La Defense in Paris.
A consortium of German banks has arranged a EUR 400 mln refinancing facility for the recently completed T1 tower, the B building B and the Jacques Cartier parking at La Defense in Paris.
The banks involved in one of the largest European single financing facilities so far in 2008 are Helaba Landesbank Hessen-Thuringen, Westdeutsche ImmobilienBank, Deutsche Postbank and Deutsche Genossenschafts-Hypothekenbank (DG HYP).
The schemes have been developed by Lucia, a subsidiary of SITQ International. SITQ is a unit of the Caisse de depot et placement du Québec, one of the world's 10 largest real estate portfolio managers.
Helaba said the transaction highlights the group's confidence and long-term commitments in the French real estate market. The refinancing follows the successful completion and leasing up of the portfolio mainly to GDF Suez.
The prime office complex comprises about 92,000 m2 of Class A office space and 1,345 car park units.
'We see this transaction as evidence for continuing liquidity in debt financing, despite the turmoil in the financial markets. In general German banks remain very supportive of real estate lending acting under the advantageous Pfandbrief regime,' the banks said.
The banking pool was advised by Gide Loyrette Nouel A.A.R.P.I. Seyewetz Gagnier Martin acted as the notary and Knight Frank carried out the valuations for the banks.
Allen & Overy Paris and Office Notarial Wargny-Katz advised the counterparties.
