pbb Deutsche Pfandbriefbank has provided just under 88 million of funding to the Catalyst European Property Fund LP for the acquisition of a Paris office complex.
Front de Parc is a landmark office scheme, well located in Clichy-la-Garenne, 1st ring northwest of Paris. It was part of a recently unwound securitization.
The funding includes a refinancing tranche, two capital expenditure tranches and a
VAT line. This is to support the acquisition, refurbishment and re-letting of the office scheme by the Catalyst European Property Fund. The transaction was closed on May 12, 2011.
The Front de Parc complex is made up of four office buildings totaling 32,900 m². It is built around the main Eiffel building, the facades and roof of which are listed as 'monuments historiques de France'. The property is currently close to 60% let to three tenants. This provides an opportunity for Catalyst Capital to add substantial value by refurbishing the empty space and attracting a blue chip tenant for its headquarters. The four independent buildings also provide great flexibility for multi-letting.
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche
Pfandbriefbank said: "We are proud to be assisting Catalyst Capital, one of our long-standing pan-European clients, in this complex share deal transaction. We look forward to partnering with them again in the future."
"The time is right to start purchasing again, after having held our discipline for the last several years," commented Fabrice de Clermont-Tonnerre, Catalyst Partner and Head of the Paris office.
"This property exactly fits our core strategy of enhancing and improving properties. We are pleased to have the opportunity to strengthen our long standing relationship with the bank."
Source: pbb Deutsche Pfandbriefbank