European private equity group MGPA has announced the refinancing of its Le Madeleine office scheme in Paris with a consortium of German banks.
European private equity group MGPA has announced the refinancing of its Le Madeleine office scheme in Paris with a consortium of German banks.
In a statement on Tuesday, MGPA said it has been granted a new EUR 190 mln four-year loan on the asset from Helaba (Landesbank Hessen-Thüringen), Pbb (Deutsche Pfandbriefbank) and LBB (Landesbank Berlin).
Le Madeleine, an historic building located in the central business district of the French capital, provides 17,300 m2 of offices and 11,700 m2 of retail accommodation. The asset was bought by MGPA Europe Fund III in 2009, which financed the purchase with EUR 140 mln of bank debt. Le Madeleine is currently being restructured, with construction work expected to be completed in March 2013. The scheme is already 95% pre-let.
'In a difficult market environment, the success of this refinancing highlights the confidence that MGPA holds with financial partners and our ability to undertake ambitious projects,' commented Jean-Philippe Olgiati, director of MGPA France.
