Hypo Real Estate Bank completes €161 mln. financing in central Paris (DE/FR)

Hypo Real Estate Bank International announced that it has arranged a €161 mln. acquisition and redevelopment facility for CEREP II, The Carlyle Group's second European real estate fund. The transaction closed on December 16th 2005.

The facility will enable CEREP II to acquire and refurbish a 20,000 m² landmark office building in Paris' 7th arrondissement, currently occupied by the French Customs. The historical building was auctioned by the French State.

The location, on the corner of Rue de l'Université and Rue du Bac, on the edge of Paris' central business district, is ideal for both office and retail uses, and benefits from prime road and public transport links. Upon its renovation, the building will offer 14.000 m² class A office space, 4.000 m² ground floor retail, a 1.500 m² staff canteen and 500 m² archive space.

Commenting, Harin Thaker, CEO - Europe, said: "I am delighted to announce the closing of this transaction, which continues our successful relationship with Carlyle, and I am confident that this will continue in the future."

Source: Hypo Real Estate Group

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