Pbb Deutsche Pfandbriefbank has provided a €60 mln loan to finance the acquisition of an office building in Paris by UK asset manager InfraRed Capital Partners.
The medium-term facility was granted to Seine Avenue Sarl, an SPV held by InfraRed Real Estate Fund IV and managed by Infrared Capital Partners. Hemisphere, the asset manager of the asset, advised InfraRed on the acquisition.
The Camelia office building is located within the ZAC des Bords de Seine in Asnières-sur-Seine, a northern suburb of Paris close to the Seine river. It comprises around 23,400 m² of space including a staff restaurant and 420 parking units. The property was built in 2009 and has a green building certification (Haute Qualité Environnementale Exploitation).
Pbb and Infrared have worked together on deals in Paris before, such as the purchase in December 2015 of the T9 office tower in the eastern suburb Montreuil, for which the German lender provided a €68 mln loan.
Last year, Infrared and Générale Continentale Investissements disposed of a Paris office asset dubbed Cityscope – also located in Montreuil – for a reported €170 mln. The buyer was La Française Real Estate Managers (La Française REM).
