Pbb lends €106m for acquisition of Paris office tower

German lender pbb Deutsche Pfandbriefbank has arranged a €106 mln loan facility to refinance the acquisition of the CB16 office tower in Paris.

Fund manager Hardstone Services secured the loan on behalf of PPI CB16, a subsidiary of a middle-eastern sovereign investor, which acquired the asset in October 2015.

The 28,000 m2 high-rise building on Place des Reflets, in the La Defense business district, was built in the 1970s and refurbished in 2003.