Pbb lends €54m to developer Codic for Paris office

German lender pbb Deutsche Pfandbriefbank has provided a €54 mln facility to Belgian developer Codic International.

The three-year facility will be used to finance the development of a 25,000 m2, partially pre-let office building in Bagneux, southern Paris. It is the first loan to be granted by pbb to Codic.

Pbb acted as lender, arranger and agent of the facility. The German bank syndicated €20 mln of the loan to FCT Scor Real Estate Loans, which is managed by Scor Global Investments, a subsidiary of French reinsurance company Scor. The transaction closed in July 2014.

Norbert Müller, head of real estate finance for Continental Europe West at pbb Deutsche Pfandbriefbank, said: ‘This transaction demonstrates pbb’s appetite for funding development in the Paris region, backing professional players.’

Codic International was founded in 1970 as a developer of multifunctional projects such as office buildings, business parks and shopping centres. It has expanded its business to France which is now one of its main development markets.

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