Hypo Real Estate Bank International has completed a EUR 424mln financing facility to allow Paris-listed real estate investment trust Societe de la Tour Eiffel (STE) to expand its business park activities. The funding was provided to Locafimo, a wholly owned subsidiary of STE, and becomes effective on the date of the merger of business park firms Locafimo and Parcoval. STE acquired Locafimo in 2006 and Parcoval in 2007.
Hypo Real Estate Bank International has completed a EUR 424mln financing facility to allow Paris-listed real estate investment trust Societe de la Tour Eiffel (STE) to expand its business park activities. The funding was provided to Locafimo, a wholly owned subsidiary of STE, and becomes effective on the date of the merger of business park firms Locafimo and Parcoval. STE acquired Locafimo in 2006 and Parcoval in 2007.
The bank said STE will use the funding to develop and enhance its 12 existing business parks. The parks have been rebranded Parcs Eiffel and currently accommodate more than 400 tenants on over 257,000 m2 of floor space.
STE had a portfolio of 60 assets valued at just over EUR 1bn at end-June this year. The company has five business lines: office and business parks in and around the Paris and other major cities; light industry in the Paris region; warehouses leased to national postal firm La Poste, and nursing homes in the South of France leased on a long-term basis to one operator.
