pbb Deutsche Pfandbriefbank and Crédit Foncier have extended a secured facility of approx. 96 million to funds sponsored by J.P. Morgan Asset Management. The transaction closed in January 2013. pbb is acting as facility agent.
The credit facility will be used for the refinancing of existing real estate loans and for the financing of planned renovation works in 6 Place d'Alleray, an approx. 19,000 m² office building located in the 15th district of Paris.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: "We are pleased to have been able to support J.P. Morgan Asset Management in this refinancing and the financing of their renovation program for this property. For pbb Deutsche Pfandbriefbank France is one of the key markets and we are convinced we can add value to our customers in complex transactions."
Etienne Procureur, Co-Head of Real Estate Finance for Crédit Foncier said: "Crédit Foncier is really pleased to be a partner of pbb Deutsche Pfandbriefbank, another specialist of real estate financing, to support J.P. Morgan Asset Management in this complex but emblematic transaction of refinancing and restructuring of the historical headquarter of France Telecom in Paris. After refurbishment, the building will be one of the main green certified office properties in central Paris."
Cécile Tricault, Head of Asset Management for J.P. Morgan Asset Management Real Estate France, said: "This operation is a great opportunity to consolidate our partnership with pbb and CFF, who are both already involved in other investments of our French portfolio. This transaction was the last step before launching an extensive refurbishment program aiming at upgrading Alleray property to the most recent market standards as well as obtaining green certifications (BBC and HQE). A built-to-suit lease was signed in July 2012 with France Telecom who will settle in the property from the first quarter of 2014."