Aareal Bank AG and pbb Deutsche Pfandbriefbank have jointly underwritten a €228 mln senior acquisition facility, to refinance a 23 prime asset portfolio mainly located in Paris Central Business District ('CBD'). Aareal Bank AG and pbb Deutsche Pfandbriefbank are acting as Joint Arrangers and Initial Lenders; in addition pbb Deutsche Pfandbriefbank carries out the role as Facility Agent and Security Agent. The transaction closed on July 1 st 2014.
The 23 prime asset portfolio represents a total area of 42,400 m² mainly of office and retail. The properties are currently 88% leased.
Martin Vest, Managing Director, Aareal Bank AG, said: "The financing of the Cardinal fund managed by Ærium is a very good example of Aareal Bank's long-standing and intensive commitment to France."
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "We are delighted to work with Aareal Bank to provide the finance to our mutual client for this high quality portfolio in Paris, France being one of our core markets."
Yvan Gril, Head of France, Ærium, added: "We are very pleased to be working with Aareal Bank and pbb Deutsche Pfandbriefbank to refinance this portfolio of prime Paris CBD properties. This competitive refinancing, the quality and location of the assets and our deep understanding of the local real estate market underpins our confidence in the portolio's ongoing future performance."
Source: Aareal Bank AG