Aareal Bank Group finances two major loans for projects in the Paris area. Together with the French investment bank Calyon, the international property banking group provides 218 million for the acquisition financing of the Rive Défense office complex in Nanterre. Borrower is the Private Banking Division of UBS Group, which is purchasing the property for an investment fund.
Aareal Bank had already granted a loan at the end of 2003 to the international property developer HRO/Baupost Group for the development of the Rive Défense. Three quarters of the building's approx. 47,000 m² of office space are rented to the French mobile phone operator SFR for twelve years.
In addition, Aareal Bank furnished 200 million to HRO/Baupost for the development of a new building with around 55,000 m² of office space in Colombes (Rue d'Estienne d'Orves) near Paris. Construction has now begun, and the building is scheduled to be completed by mid-2007.
As recently as early June, Aareal Bank announced that it would be supplying 140 million in financing for the purchase of a building complex in Montrouge.
Source: Aareal Bank