pbb Deutsche Pfandbriefbank provided a medium-term facility for SCI GGC Paris, an SPV managed by Global Gate Capital for the acquisition of an office building in Paris. The asset is located in the Zone d'Amenagement Concerte des Champs Pierreux in Nanterre, a so-called Integrated Development Zone in a north-western suburb of Paris reaching into the business district of La Defense. The area will soon benefit from transport and infrastructure improvement as part of the Grand Paris area.
The building comprises c.35,000m² of office space including a staff restaurant and 1,000 parking units. It was built by Dumez, a major French building company, in the 1990’s and was recently fully refurbished. It is fully leased to EDF on a long term lease.
Norbert Muller, Head of Real Estate Finance Continental Europe West at pbb, said: “We are pleased to further strengthen our relationship with Global Gate Capital. We support the Grand Paris initiative and believe it will have a positive impact on growth, employment and the commercial real estate market.”
Rudy Sayegh, CEO of Global Gate Capital, said: “We are pleased to have completed this transaction with the support of pbb. The asset will further expand our continental European portfolio. Real estate remains one of our core competencies and we are currently pursuing a number of opportunities to further grow and diversify our portfolio both in France and internationally.”