MGPA refinances Le Madeleine for €190 million with Helaba, PBB and LBB (FR)

MGPA, the independent private equity real estate investment advisory company, today announced the refinancing of Le Madeleine, located in Paris, for €190 million with Helaba (Landesbank Hessen-Thüringen), PBB (Deutsche Pfandbriefbank) and LBB (Landesbank Berlin).

Le Madeleine is located in the Paris central business district, and comprised of 17,300 m² of office and 11,700 m² of retail space. The building was acquired by MGPA, on behalf of MGPA Europe Fund III, in 2009 and financed through a four-year, €140 million loan.

The asset is currently being redeveloped with delivery scheduled for March 2013. Le Madeleine is already 95% pre-let.

Jean-Philippe Olgiati, Country Manager, MGPA France, added: "In a difficult market environment, the success of this refinancing highlights the confidence that MGPA holds with financial partners and our ability to undertake ambitious projects."

Roland Fuchs, Head of Helaba's French branch, commented: "This operation is perfectly in line with Helaba's strategy in France: finance projects centered on quality assets, with good locations, let to solid tenants. Accompanying Le Madeleine, alongside MGPA from the start, shows our confidence in their ability to manage such complex projects."

Helaba, acting as the agent, Landesbank Berlin and Deutsche Pfandbriefbank financed the operation through a €190 million, four-year loan.

MGPA was advised by Jean Pierre Brulon and Maike Lorenzo of SCP BEGON, BONNEAU, HERBERT, BOUGEARD & BRULON. Helaba, PBB and LBB were advised by Christophe Jacquemin and Caroline Delavet of Allen & Overy and by Muriel Mignard of SCP Rochelois Besins et Associés.

Source: Citigate Dewe Rogerson

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