Powerhouse France, an investment vehicle managed by TwentyTwo Real Estate, has completed a €793.5 mln refinancing of its portfolio of more than 7,000 French residential properties.
Powerhouse France, an investment vehicle managed by TwentyTwo Real Estate, has completed a €793.5 mln refinancing of its portfolio of more than 7,000 French residential properties.
The six-year package comprises a €205 mln corporate financing facility and a €588.5 mln senior mortgage facility for its subsidiary Safran.
The €1.2 bn portfolio contains around 7,140 homes, mainly for single families, and is managed by Scaprim Services, the specialist real estate services arm of TwentyTwo Real Estate.
The assets are leased to EDF, the state-owned French utility company, under a long-term master lease agreement.
The refinancing package was arranged through BNP Paribas.
David Rigny, managing partner of TwentyTwo Real Estate, said: ‘This transaction is evidence of the strength of our management platform and the quality of this substantial portfolio, which provides a long-term inflation hedge whilst generating strong cashflow.
‘We believe that the affordable end of the French housing market, which is the focus of Powerhouse France, displays good fundamentals supported by strong demographics and offers attractive growth prospects.’
