Hypo Real Estate Bank International announces today that it has arranged the financing for the acquisition of Marchand Tower in La DÃ©fense, Courbevoie by Qatar Islamic Bank. This acquisition and the funding were completed on 15th March 2005 in accordance with a Sharia / Murabahah compliant structure. Funding closed 15th March.
The sponsor of this transaction is the Qatar Islamic Bank, the second largest bank in Qatar, founded in 1982 and listed on the Doha stock exchange, assisted by FinanciÃ¨re Centuria, its exclusive representative and Asset Manager.
Marchand Tower is located in Courbevoie in the north of the La DÃ©fense business district. It was constructed in 1973 and provides 15,084 sqm of class A office accommodation. The Tower will undergo a complete refurbishment and is let to RTE (RÃ©seau de Transport dâElectricitÃ©) a division of state owned EDF (ElectrictÃ© de France).
Qatar Islamic Bank was advised by Baker & McKenzie, CMS Bureau Francis Lefebvre and Bruno Garnier, notary. Hypo Real Estate Bank International was advised by Jeantet AssociÃ©s and their notary Rochelois.
Commenting, Harin Thaker, CEO of the bankâs European business platform, said: âThe successful closing of this Sharia compliant transaction clearly demonstrates once more the way in which our European business platform can successfully deliver the tailor-made solutions our clients
Source: Hypo Real Estate Bank