Patron Capital and Edmond de Rothschild REIM (EDR REIM), have agreed a €68 million green loan facility with pbb Deutsche Pfandbriefbank for the refinancing of Creative, a Grade A 12,000 m2 office development in the Western Crescent of Paris.
The office is fully let to LVMH Fragrance Brands, a subsidiary of LVMH Group.
Keith Breslauer, MD of Patron Capital, said:'We acquired Creative because we recognised the significant potential it could offer following a strategic refurbishment programme to create a high quality and sustainability-led office in the popular Levallois-Perret market.'
'Our confidence in this strategy was rewarded when we agreed a 12-year lease to LVMH Fragrance Brands in 2022. Now, to have secured a loan from as high calibre a lender as pbb is a strong endorsement of both our business plan for the asset, as well as the credibility of the building’s ESG credentials.'
Walter Hampel, head of real estate Ffinance Continental Europe at pbb Deutsche Pfandbriefbank said: 'Given the importance of the French market to us, we are pleased to further strengthen our customer relationships with Patron Capital and Edmond de Rothschild REIM in Paris.'
Kristelle Wauters, Managing Director at Edmond de Rothschild REIM (France): 'We are glad about this first “green” cooperation with pbb and we look forward to working on more such transactions with them in the future.
