Natexis Banques Populaires and Hypo Real Estate Bank International have announced that they have coarranged on a 50/50 basis a 100 million construction financing and guarantee package for the construction of "Tower B" at La Défense, Paris. The transaction closed on 8th September 2006.
The sponsors of this transaction are Lucia SA (a listed property company controlled by the Colony Investors III fund) and SITQ International, a subsidiary of Caisse de dépot et placement du Québec, both are advised by Rothschild.
In February 2005, Natexis Banques Populaires and Hypo Real Estate Bank International provided financing for the construction of the "T1 Tower" which, when complete, will provide approx. 70,000 m² SHON of class A office space over 36 floors. "Tower B", the second at the site which is within La Défense, next to the Grande Arche, will provide approx. 22,000 m² SHON of lettable office space.
Construction will be carried out by a group of European contractors led by Bouygues Ile de France and practical completion is targeted for the end of June 2008.
Commenting, Harin Thaker, CEO Europe, said: "We are proud to have been mandated to jointly arrange the financing for the second stage of this prime development in one of Europe's most important business districts."
Commenting, Bertrand Carrez, Head of Real Estate Finance of Natexis Banques Populaires, said: "We are very happy to reinforce our partnership with those first-rank real estate investors, especially concerning this project, which represents a reference on the French real estate market. This Coarrangement mandate demonstrates the trust of our clients, which we are proud of."
Source: Hypo Real Estate