Tishman Speyer has signed an agreement to restructure the EUR 472 mln mortgage loan on the Lumière building in Paris with bank BNP Paribas and a consortium of French insurers composed of Cardif, CNP and Predica.
Tishman Speyer has signed an agreement to restructure the EUR 472 mln mortgage loan on the Lumière building in Paris with bank BNP Paribas and a consortium of French insurers composed of Cardif, CNP and Predica.
In a statement, the US developer-owner said the deal is the largest real estate financing for a single asset signed in France since 2007. It is also the first financing in Europe to be structured through a mortgage bond private placement secured by a first-ranking mortgage on the building.
Built in 1992, Lumière is the largest privately owned office building in Paris with 135,000 m2 of space across seven floors. It is located in the Eastern Business District (Bercy St-Emilion) and is 100% leased to tenants, including the French Ministry of Interior who leases 38,000 m2. Existing tenants also include Natixis, SNCF, and ING Direct.
BNP Paribas Corporate and Investment Banking acted as sole arranger, structuring advisor and placement agent. BNP Paribas was advised by Gide Loyrette Nouel. Tishman Speyer was advised by Wargny Katz, De Pardieu Brocas Maffei and Finae Advisors.
