JPMAM gets loan extension on Paris asset

Funds sponsored by JP Morgan Asset Management (JPMAM) have secured a loan of €96 mln from pbb Deutsche Pfandbriefbank and Crédit Foncier.

The transaction closed in January 2013. Pbb is acting as facility agent.

The credit facility will be used to refinance existing real estate loans and to finance the planned renovation of 6 Place d’Alleray, a 19,000 m2 office building located in the 15th district of Paris.

JPMAM plans to extensively redevelop the asset, which serves as the headquarters of France Telecom in Paris. The building will be upgraded to the most recent market standards and will obtain green certifications (BBC and HQE).

A built-to-suit lease was signed in July 2012 with France Telecom which will move into the property from the first quarter of 2014.