General Mills first tenant for Topaz (FR)

Société de la Tour Eiffel has concluded the first leasing in Topaz, Vélizy. This latest HEQ office development by the company comprises 14,000 m² with a communal staff canteen and basement parking located on the future Chatillon-Viroflay tramway (due to enter service in 2014) in the well-established Vélizy trading estate to the southwest of Paris. The tenant is General Mills, the US food conglomerate, who has committed to 2,500 m² representing 20% of the building.

"We are delighted with this first leasing for Topaz which demonstrates the attraction of the high international standards offered by this building. We are actively marketing the remaining 10,000 m² of space and I would add that we are close to agreeing terms for renting 900 m² in the adjacent Energy 2 renovated office block," comments Frédéric Maman, Managing Director of Tour Eiffel Asset Management.

The tenant was represented by Cushman & Wakefield and the landlord by CBRE.

The company has completed the refinancing of its La Poste portfolio comprising 12 properties, for the majority sorting centers, valued at €85 million. The portfolio has been core to the company since 2004 and a comprehensive renegotiation of the lease structure involving the prolongation of terms and market adjustments to rents was undertaken prior to the refinancing initiative.

The new amortizable debt of €45 million for seven years has been provided jointly by Société Générale (CIG) and BECM (Crédit Mutuel). The previous debt having been securitized was not renewable.

The company continues to actively pursue its strategy of staggering and breaking down its debt profile in the context of the prevailing financial markets while continuing to improve its portfolio performance.

Source: Capmot 

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