FdR gets EUR 270m refinancing for CB 21 tower

French listed property group Fonciere des Regions (FdR) has received a EUR 270 mln refinancing loan for its CB 21 tower in the Paris business district of La Defense. The loan was granted by a syndicate of German banks including Bayerische Landesbank (BayernLB), Berlin-Hannoversche Hypothekenbank (Berlin Hyp) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp).

The scheme, which recently underwent a large refurbishment programme, has been home to the headquarters of Suez Environnement since July 2010.

'This transaction proves the interest of this banking syndicate towards the French real estate market and underlines once more their trust in FdR,' the lenders said in a joint statement. Law firm Gide Loyrette Nouel and notary firm Rochelois advised the banks while the borrower was advised by De Pardieu Brocas Maffei and Chevreux.

The 180-metre building underwent an 18-month refurbishment that cost about EUR 180 mln. The refurbishment of the 75,000 m² building is the largest full-scale office renovation in France since the start of the financial crisis. It is also the first tower to be completed as part of the La Défense renewal plan and the first tower in France to receive BREEAM certification. In addition, the building is HQE-certified. Energy consumption is 30% lower than for a traditional building, the company said in a press release.