pbb and Helaba provide € 163 million credit facility to finance the acquisition of the Pacific Tower in La Defense (FR)

pbb Deutsche Pfandbriefbank and Helaba have jointly provided a € 163 million senior loan to Tishman Speyer. The credit facility will be used to finance the acquisition of the Pacific Tower in La Défense, Paris, as well as for renovation works. The loan was arranged by the Paris´ offices of both banks and signed in April 2013. The acquisition took place in June 2013. pbb and Helaba are acting as co-arrangers and hedge providers on a 50/50 basis and Helaba is acting as agent.

The arch-shaped property consists of a 53,419 m² office building. It is located in Paris´ well known office area, La Défense. Tishman Speyer is acting as the asset manager and equity partner.

Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are proud to support Tishman Speyer France in their project to renovate and re-position the Pacific Tower in the core area of La Défense. For pbb Deutsche Pfandbriefbank France is one of the key markets and we intend to further expand our relationship with Tishman Speyer, an experienced real estate investor and operator, in the development of value-added transactions.”

Roland Fuchs, Head of Paris Branch at Helaba said: "Following the core financings we already have provided to Tishman Speyer in France in the past years we are delighted to accompany our cross-border partner for such a benchmarking re-positioning project, evidencing both Tishman's and our ongoing long term confidence in the French office market."

Source: pbb

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