Rockspring Property Investment Managers announces that one of its funds has signed an agreement with Landesbank Hessen Thüringen Girozentrale ('Helaba') acting as agent and arranger, and Aareal Bank AG as co-arranger, for a 219-million debt facility, securitized against O'Parinor shopping center in the north of Paris. It is one of the largest financing deals in France this year.
Rockspring acquired a 51% interest in the center in October 2010, with Hammerson retaining the residual ownership and center management. It is a regional, long established shopping center with 90,500 m² of GLA, anchored by Carrefour, Fnac, H&M, C&A, Darty and Planet Saturn. It is situated 15 km north of Paris.
Andrew Grant Duff, Group Treasurer of Rockspring, said: "Given the current situation in the debt market, securing this loan on such terms is a reflection of the outstanding quality of the underlying asset and, in particular, the strength and security of the tenant base. We initially approached a number of banks, and were impressed with Helaba, supported by Aareal, in terms of their knowledge of the sector, practical approach, terms, and ability to deliver."
Roland Fuchs, Head of Helaba's branch in France, said: "We appreciate the opportunity to work with Rockspring on the financing in France, which is an absolute core market for us in Europe, both for one of our top clients as well as well as for the banks involved."
Jean-Louis Watrice, Head of Aareal Paris Branch, said: "This Club Deal underlines our excellent and sustainable cooperation with Helaba in the French market, to provide major international real estate players with tailor-made financings".
The lenders were advised by Godet Gaillard Solle Maraux & Associés and Allez & Associés. The borrower was advised by De Pardieu Brocas Maffei A.A.R.P.I.