Aareal Bank and Morgan Stanley have jointly arranged the financing of Défense Plaza, an office building in Paris, for a total amount of 210 million.
Aareal Bank acquired the 195 million senior tranche, initially provided by Morgan Stanley, with a junior lender contributing a further 15 million to the deal.
Aareal Bank is acting as Facility, Payment and Security Manager. The financing was arranged for a joint venture between US property investment companies Beacon Capital Partners and Northwood Investors. Beacon originally acquired the building in 2006.
This prime Paris office building was constructed in 2005 by the renowned developer HRO. It provides 31,160 m² of lettable floorspace across 14 storys and is fully let to major international tenants.
The building has been awarded the certification 'HQE' (Haute Qualité Environnementale), a green building certification valid in France. Défense Plaza is located west of Paris at the center of La Défense, the largest purpose-built business office district in Europe.
"The financing of the Défense Plaza is an outstanding example of Aareal Bank's long-standing and intensive commitment in France. We have been operating in France for almost 30 years now and have become an integral part of the market," says Dirk Grosse Wördemann, Member of the Management Board of Aareal Bank AG.
"In addition, this club deal confirms our excellent and successful cooperation with Morgan Stanley."
Source: Aareal Bank