Hypo Real Estate Bank International AG announces that it has arranged a €112 million acquisition and refurbishment financing (including a Capex VAT loan) to Compagnie Immobilière Betelgeuse, a quoted property company controlled by Orion Capital Manager's Orion European Real Estate Fund II. The transaction closed on 18 December 2006.
The funding will be used by Compagnie Immobilière Betelgeuse to acquire from the French Government an office building located at Rue d'Astorg in Paris, (8th), Central Business District. The building is currently mostly tenanted by French Government services. A full refurbishment will be undertaken at the expiration of the different leases and, upon completion, the building will comprise 12,000 m² of lettable class A office area over the ground and eight upper floors plus 50 parking spaces.
Commenting, Harin Thaker, CEO Europe of Hypo Real Estate Bank International AG, said: "The successful closing of this transaction with a key client, again proves our ability to deliver timely, tailor-made financing solutions."
Source: Hypo Real Estate