pbb Deutsche Pfandbriefbank has provided two separate facilities of €35 million and €44 million to La Française Real Estate Managers (REM). The two financings were granted for the acquisition of two Paris office buildings fully let to Sodexo and Michelin. In both transactions, pbb acted as arranger, lender and agent. The deals closed in December 2014.
One facility was provided for the acquisition of the ‘Jazz’ office building in the Trapèze district of Boulogne Billancourt, Paris Golden Crescent. Totaling approximately 7,500 m², the building is currently let to the industrial group Michelin.
The other facility was granted for the acquisition of the ‘Panorama Seine’ and ‘Dockside’ office buildings which together form the headquarters of integrated services facilities management company, Sodexo. Located in Issy-les-Moulineaux, Paris Golden Crescent, they total approximately 10,000 m² of office space.
La Française REM, part of the Credit Mutuel Nord-Europe Group, manages diversified real estate investments for institutions and the general public. It is a key player in France in the collective real estate investment market.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are proud to have completed our first two financings with La Française REM which has a strong track record in the management of collective real estate investment funds. These transactions reflect pbb’s ambition to increase its French loan book by partnering with French real estate experts”.