German banks provide EUR 140m loan to Paris property

German lenders Helaba, Westimmo and Postbank have arranged a club deal loan totalling EUR 140 mln on behalf of MGPA for a mixed office and retail property at Place de Madeleine in the central business district of Paris.

The building was completely restructured in 1991 and partly refurbished in 2002. Its total lettable space of 29,800 m² (60% offices and 40% retail) is almost fully leased. Tenants include French retailers Madelios, Décathlon und Marionnaud as well as Barclays bank for the office part of the building.

The customer is the MGPA Europe III fund of the private equity real estate investment adviser MPGA.

Helaba acted through its Paris branch for the transaction.