International property fund manager Rockspring has obtained a EUR 219 mln debt facility in one of the largest real estate financing deals in France this year. The loan is securitised against the O'Parinor shopping centre in the north of Paris. It was provided by German property lenders Helaba and Aareal Bank. Helaba acted as the agent and arranger. Aareal was the co-arranger.
International property fund manager Rockspring has obtained a EUR 219 mln debt facility in one of the largest real estate financing deals in France this year. The loan is securitised against the O'Parinor shopping centre in the north of Paris. It was provided by German property lenders Helaba and Aareal Bank. Helaba acted as the agent and arranger. Aareal was the co-arranger.
The duration of the loan is five years, with extension options for a further two years.
Rockspring arranged the loan on behalf of NPS Real Estate Projects Limited Partnership, a vehicle established by the National Pension Service of Korea (NPS).
Rockspring, acting for NPS, acquired a 51% interest in the O'Parinor from UK and French REIT Hammerson for EUR 217 mln in 2010. Hammerson retained 49% and management of the mall.
O'Parinor is a regional shopping centre with 90,500 m2 of gross lettable area, anchored by Carrefour, Fnac, H&M, C&A, Darty and Planet Saturn.
Andrew Grant Duff, group treasurer of Rockspring, said: 'Given the current situation in the debt market, securing this loan on such terms is a reflection of the outstanding quality of the underlying asset and, in particular, the strength and security of the tenant base.'
