German lender Helaba Landesbank Hessen-Thüringen has arranged a EUR 33.2 mln refinancing loan for Gare de l'Est shopping gallery in Paris. The property is owned by Altarea, a real estate investment trust and third largest retail property company in France.
German lender Helaba Landesbank Hessen-Thüringen has arranged a EUR 33.2 mln refinancing loan for Gare de l'Est shopping gallery in Paris. The property is owned by Altarea, a real estate investment trust and third largest retail property company in France.
Gare de l'Est shopping gallery comprises 6,256 m2 lettable retail area made up of 55 units. The asset was completed in 2007 and is fully let.
The transaction was structured and arranged by Helaba, acting as sole lender through its French branch. The borrower was advised by Jeantet & Associés and LBMB Notaires. The lender was advised by Godet Gaillard Solle Maraux & Associés and Allez & Associés.
France is one of Helaba's major target areas in real estate financing and the bank opened an office in Paris at the beginning of 2009 to help drive its business in the region. The range of real estate services focuses on both institutional and private investors and includes property-related financings of office, retail and logistic real estate. Currently, Helaba Paris manages a loan portfolio of about EUR 2.5 bn.
