EPL gets EUR 170m refinancing facility

Westdeutsche ImmobilienBank (WestImmo) acting as agent and Deutsche Pfandbriefbank acting as security agent have provided EPL with a EUR 170 mln refinancing facility for a six office building portfolio. The transaction was arranged, underwritten and completed in a 50/50 club deal on 15 December 2009. EPL was advised by BNP Paribas Real Estate Investment Services,

The portfolio currently comprises six new office buildings completed between March 2006 and November 2009, which are located in established office locations in greater Paris (5) and Marseille (1) and are well connected to public transport. It comprises over 73,000 m² space and is about 88% let to 16 tenants with strong covenants.

Mounir Hamrouni, head of Real Estate Financing in France at WestImmo commented: 'The refinancing of the EPL Fund is a landmark transaction on the French real estate market which evidences the existence of liquidity for prime assets and relationship clients as BNP Paribas REIS. The transaction was achieved within a tight timeframe and was made possible thanks to professional partners involved in all financing and closing matters.'

Etienne Dupuy, CEO of BNP Paribas Real Estate Investment Services commented: 'Following a change of strategy for the EPL fund in 2008, we advised EPL investors to anticipate a refinancing of the entire portfolio in 2009. The offer of Westdeutsche ImmobilienBank AG and Deutsche Pfandbriefbank met the requirements of the new long term strategy of the fund. '