HSH Nordbank has financed the acquisition of the Class A office property âEquinoxâ in Clichy near Paris for the open-ended real-estate fund Morgan Stanley P2 Value which invests globally. Long-term financing over seven years was agreed at a volume of €65.5 million â" about 50% of the market value.
The "Equinox" office complex, which was completed in 2003 and comprises three buildings, is fully leased until 2012 to the mutual insurance group MMA Mutuelles du Mans Assurance. The eight-story property with a modern facade made of aluminum and glass has just under 22,300 m² of leasable space and is in an attractive location directly on the bank of the Seine. Clichy lies to the north-west of La Défense and is considered an office location of the future with sound development potential. In the past year, the volume of leased office space in Clichy by 50%
compared with the previous year. âThis transaction shows that the strong interest of investors in the office market of Paris continue,â said JÃ¼rgen H. Lange, Head of International Real Estate Investors at HSH Nordbank. "Foreign investment companies in particular are said to have invested around €16 billion in the French market overall, and more than €6.3 billion of this alone in Parisâ, continued Lange. The economic outlook for France and the prospects for the office leasing market in Paris remain positive. At the end of the 1990s, HSH Nordbank substantially expanded its commercial real estate lending business beyond national borders and now manages an international lending volume of around €8.1 billion. In 2005, new real estate loans of €6.5 billion outside Germany were granted. HSH Nordbank has also been presented in Paris since March 2005 with an office managed by Michel Delmond.
Source: HSH Nordbank