Wiesbaden, Munich, Paris, 6 October 2014 - Aareal Bank AG and pbb Deutsche Pfandbriefbank - acting as Joint Mandated Lead Arrangers - have co-underwritten a € 515 million senior loan facility to an affiliate of Beacon Capital Partners, LLC. The loan is secured on Tour First, the iconic office tower located in La Défense, Paris. By the way of syndication, the Senior European Loan Fund 1 managed by AEW Europe and M&G Investments as well as another banking partner, acceded to the loan facility as further lenders.
In this transaction, Aareal Bank AG also acted as Documentation and Coordination Agent and pbb Deutsche Pfandbriefbank is the Facility and Security Agent. The transaction was completed on 11th September 2014.
With 50 upper floors and a total height of 231 meters, Tour First is the tallest office building in France. The property was comprehensively refurbished between 2008 and 2011. Of the total lettable area some 83% is let to well known international companies, such as EY and Euler Hermes.
Martin Vest, Managing Director, Aareal Bank AG, said: “This transaction is a further proof of our strong commitment to France being one of our core markets in Europe. We appreciate to continue the cooperation with Beacon Capital Partners as well as with pbb while the transaction allows us to pursue the growth of our portfolio in France.”
Norbert Müller, Head of Real Estate Finance Continental Europe West, commented: “pbb knows the asset and has known the client for many years. We are proud to have arranged this complex financing structure together with renowned banking partners. The transaction demonstrates the strong appetite of pbb Deutsche Pfandbriefbank to underwrite significant loan amounts in order to support our clients in France, a core market for pbb.”
Jean-Marc Besson of Beacon Capital Partners said: “We’re pleased to continue our relationships with Aareal Bank and pbb.”
