pbb Deutsche Pfandbriefbank has financed a loan facility of 143 million to institutional investors advised by J.P. Morgan Asset Management for the refinancing of existing loans and for the financing of planned retail conversion works in Docks de Marseille, a 70,000-m² historical office and retail trophy asset located in the heart of Euromediterranée, the now well established business district on the sea front of Marseille in France.
The transaction closed on September 30, 2011.
"We are pleased to have been able to support J.P. Morgan Asset Management in its refinancing of this landmark Marseille property and its planned renovation works", comments Harin Thaker, Head of Real Estate Finance International.
Thaker continues: "This transaction demonstrates pbb's commitment to supporting its clients in complex transactions in the face of current market disruptions."
"This successful operation demonstrates again the quality of our long lasting relationship with our lenders and our ability to focus on value-add initiatives to reveal the full potential of our properties." comments Jean-Philippe Vergnol, Head of J.P. Morgan Asset Management Global Real Assets, Real Estate France.
Source: pbb Deutsche Pfandbriefbank