Paris Towers deal for First Growth Real Estate Capital (FR)

First Growth Real Estate Capital (FGREC) structured and arranged the buy-out of GE Capital's 50% stake in the Mercuriales Towers, Paris by the other 50% stake-owner Groupe Colbert with a senior/mezzanine loan refinancing in excess of €80 million. The 67,000-m² multi-let landmark towers are located in Bagnolet, on the edge of Paris.


The 67,000-m² multi-let landmark towers are located in Bagnolet, on the edge of Paris.

Wilson Lee, Francesca Galante and Cyril de Romance founded FGREC end of 2009 to target real estate debt and direct investments in Western Europe.

Lee said: "We are detecting signs of a thaw in what has been a very difficult market to unlock deal flow. Since the beginning of year, senior lenders have become significantly more conservative, prompting more operators to pro-actively seek creative sources to recapitalize their deals. Lenders have also been more active in testing the market appetite with loan sales."

He added: "This latest deal now means FGREC has now closed transactions with an aggregate asset value of over €150 million, In addition FGREC has also formalized a large separate account to provide junior and senior debt on appropriate deals. We are now looking at expanding the platform."

FGREC has offices in London and Paris.

Lee left ING REIM in 2009 following the firm's decision to cancel a US $1.5 billion global opportunity fund he had been hired to manage. Before this Lee was at UBS Investment Bank, where he was Managing Director, and Head of Real Estate Principal Finance for Europe, the Middle East and Africa as well as Asia Pacific. Prior to that, he spent 18 years with Lehman Brothers, where he established and built its European real estate principal investment and finance platform before leaving in 2004.

Source: MJ2 Limited

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