pbb Deutsche Pfandbriefbank has renewed and extended the 600 million acquisition and development financing of the Tour First tower in La Defense near Paris for Beacon Capital Partners.
The financing facility was initially provided in June 2007 to finance the joint venture agreement between Beacon and Axa, including the joint re-development of the tower.
Tour First (historically known as Tour CB 31 or Tour Axa) is strategically located at the main entrance of La Defense, the largest business district in Europe. It is expected to become a new landmark building for Paris and its surroundings.
At 231 meters height, it will be the tallest office building in France featuring 80,364 m² of Net Lettable Area, 52 floors and 7 sky lobbies. After its re-development, Tour First will be compliant with France's High Quality Environment and Very High Energy Performance ('THPE' ie. 'Très Haute Performance Energétique') standards. The tower is scheduled for completion in the first quarter of 2011.
Harin Thaker, Head of International Real Estate Finance at pbb Deutsche Pfandbriefbank said: "This financing further strengthens our relationship with Beacon and demonstrates our willingness to further support existing customers even in extensive projects. Our financial scope and the team in place positions us well to take on comprehensive projects."
Fred Seigel, President and Chief Operating Officer of Beacon Capital Partners added: "We are pleased to have the continued support of pbb Deutsche Pfandbriefbank for this world class project. We greatly appreciate the relationship we have with the bank".
Source: Deutsche Pfandbriefbank AG