Icade seals EUR 255m refinancing for Crystal Park

French Siic Icade has reached agreement with a banking syndicate including HSBC, BNP Paribas and BECM for a new EUR 255 mln financing facility.

The facility is backed by the Crystal Park building in Neuilly sur Seine, near Paris. The new loan matures in seven years and replaces an existing financing due in April 2011 which was granted to Compagnie la Lucette before its takeover by Icade late last year.

'This refinancing allows Icade to extend its average length of funding while benefiting from attractive financing terms,' the company said in a statement. The operation also marks the completion of the restructuring of Companie la Lucette's liabilities and demonstrates Icade's ability to raise the necessary financial resources to support its growth with its banking partners, it added.

Icade is the listed real estate arm of Caisse des Dépôts, active in property investment, development and related services in the offices, business parks, shopping centres, public-healthcare amenities and housing sectors.