International real estate advisor Savills has carried out valuations for Deutsche Hypo on two assets in the Parisian Central Business District comprising a total of 21,500 m² of prime office space.
Deutsche Hypo has refinanced the two properties, in Rue de Louvre and Avenue Matignon, to Gecina for 104 million. The loans have an average maturity of 8.5 years.
The Rue de Louvre building includes 8,000 m² of office space and is fully let to Banque de France. The 13,500 m² mixed-use property (office, retail and residential) on Avenue Matignon is let to 50 tenants including the French headquarters of the auction house Christie's.
Stéphane Peybernes, Head of Savills valuation team in France, says: "Our valuation of these two prime office properties is evidence that the Paris CBD investment market is looking healthy at the beginning of 2012 with attractive lending rates available."