A syndicate of four banks acting as co-arrangers and lead by pbb Deutsche Pfandbriefbank has jointly underwritten a 287 million senior debt facility for Locafimo, a subsidiary of Société de la Tour Eiffel. The facility will be used to refinance business parks and offices across France.
The transaction was closed on November 14, 2012. The refinancing facility is jointly underwritten by CFF (Crédit Foncier de France), Société Générale, CACIB (Credit Agricole Corporate & Investment Bank) and pbb. pbb is also acting as agent of this transaction.
The refinanced portfolio consists of 20 properties spread across France: 11 business parks, six office buildings and three retail assets with a GLA of approx. 285.000 m².
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, commented on behalf of the lenders: "With this transaction, pbb has been successful in bringing together a consortium of well known French banks, all of which are proud to support Société de la Tour Eiffel in this project - one of the largest refinancings which has been completed in France during 2012.
"The French market offers interesting opportunities not only in the greater Paris area but also in other regional and local markets."
Renaud Haberkorn, Chief Executive of Société de la Tour Eiffel, said: "Société de la Tour Eiffel has successfully met its 2012 objective of financial restructuring and has now pushed back its main financing maturities five to seven years. We have privileged traditional, mortgage backed, finance which continues to offer the most attractive terms whilst considerably broadening our banking relations."
Source: Deutsche Pfandbriefbank AG