pbb Deutsche Pfandbriefbank has agreed a € 40 million medium-term refinancing facility for Cogedim Office Partners (COP) Fund, a nonlisted fund held by institutional investors. The transaction was closed in June 2014.
The funding will be used to refinance an existing credit facility for a 20,000 m² office complex, known as the “Aristide Building. The main tenant is Air Liquide. The company is member of the French blue chip index CAC 40 and has an A+ long term credit rating by S&P.
The HQE (“High Quality Environmental standard” for green buildings in France), certified, eight-storey office building was completed in 2009 by Altarea Cogedim Entreprise. It is located in Bagneux, a southern suburb of Paris. It is connected to public transport and benefits from an easy car access thanks to the N20 and A86 roads.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is very pleased to support Altarea Cogedim on this refinancing of the Aristide building. Altarea Cogedim is an important and valued client of ours and we are looking forward to further transactions.”
Laurian Douin, Deputy General Manager of Altarea Cogedim Entreprise, said: “Altarea Cogedim is delighted to close its first office financing transaction with Deutsche Pfandbriefbank. The Aristide asset has been a major development for our office division and we are pleased to have its holding stabilized for the years to come with PBB as our new financing partner.”
Source: pbb Deutsche Pfandbriefbank