A consortium of five international banks have provided a EUR 180 mln loan for the Tour Mozart tower in one of the largest refinancing deals in the French market so far this year. Ronald Fuchs, head of Helaba’s French business, told PropertyEU in an interview during the EXPO REAL real estate fair in Munich that the operation is a sign that French banks are back in business again.
A consortium of five international banks have provided a EUR 180 mln loan for the Tour Mozart tower in one of the largest refinancing deals in the French market so far this year. Ronald Fuchs, head of Helaba’s French business, told PropertyEU in an interview during the EXPO REAL real estate fair in Munich that the operation is a sign that French banks are back in business again.
‘After a number of financing deals concluded by syndicates of only German banks, this operation means that the French banking community is coming back to the market.’ Helaba has provided around EUR 500-700 mln of financing in the French property market in 2009, he added. The bank consortium comprises Calyon, DekaBank, Helaba, Natixis and Société Générale, with Deka Bank acting as the agent.
The Mozart tower project represents a partnership between Les Docks Lyonnais and Shaftesbury. It was acquired in 2007 from Bouygues Immobilier for EUR 484 mln and has been fully leased to Bouygues Télécom with a nine-year fixed rental contract. Located in Issy-les-Moulineaux, the Tour Mozart will house the future headquarter of Bouygues Telecom after completion in July 2010. Shaftesbury Asset Management is managing the property.
