Eurosic has secured a EUR 850m loan agreement from UK-based HSBC and French banks Natixis and Calyon to refinance the Paris-listed real estate company's debt and to fund its growth plans. Banque Palatine advised Eurosic in this operation. The loan comes on top of the EUR 175 mln line of credit granted by its parent company Groupe Caisse d'Epargne in May 2007. Eurosic's debt stands at EUR 532 mln, giving a loan-to-value ratio of 36%.

Eurosic has secured a EUR 850m loan agreement from UK-based HSBC and French banks Natixis and Calyon to refinance the Paris-listed real estate company's debt and to fund its growth plans. Banque Palatine advised Eurosic in this operation. The loan comes on top of the EUR 175 mln line of credit granted by its parent company Groupe Caisse d'Epargne in May 2007. Eurosic's debt stands at EUR 532 mln, giving a loan-to-value ratio of 36%.

Meka Brunel, Eurosic's CEO, said: 'We are very satisfied with this agreement. It was successfully concluded in a difficult environment, and marks the second stage of Eurosic's liability restructuring which began last July with the capital increase. We now have significant means for investing in a market where new opportunities will continue to arise'.

Eurosic listed in Paris in 1984 and converted to the French equivalent of a real estate investment trust, or SIIC, last year. The company invests in office, leisure and logistics properties in Ile de France and throughout France. It intends to have a EUR 1 bn property portfolio by the end of 2007, and a EUR 3 bn portfolio before 2011.