German property financier pbb Deutsche Pfandbriefbank has provided a loan facility totaling around €150 mln for a flagship office project in Paris.
The financing was granted to a property company jointly owned by Eurosic and the French insurance groups, Predica and ACM (Credit Mutuel Group).
'We are extremely proud to work with Eurosic, Predica and ACM Insurances, who have strong track records in the real estate sector, on this important development project in the heart of Paris CDB,' commented Norbert Müller, pbb's head of real estate finance continental Europe west. 'The French market remains highly attractive for pbb Deutsche Pfandbriefbank.'
The scheme will involve the redevelopment of an existing building, located centrally in Paris' 8th district, into a modern office space meeting sustainability standards.
The facility has been provided to refinance part of the acquisition price (full equity), and to finance 100% of the development works and related costs. The delivery of the new building is scheduled for the first half of 2018.
