Successful arrangement of a joint €400 mln. facility for Lucia SA and SITQ International properties (FR)

Helaba Landesbank Hessen-Thüringen, Westdeutsche ImmobilienBank AG, Deutsche Postbank AG as Mandated Lead Arrangers together with Deutsche Genossenschafts-Hypothekenbank (DG HYP) announce today that they have co-arranged a €400 mln. refinancing facility for the recently completed "T1" tower, the building "B" and the parking "Jacques Cartier" at La Défense, Paris.

T1 Tower

The T1 Tower at La Défense, Paris.

Helaba as Agent and Westdeutsche Immobilienbank acted through their French organisations, Postbank AG and DG HYP through their HQ-based international units. The sponsor of this transaction SITQ International inc., acting mainly through its subsidiary Lucia SA. SITQ International inc., itself a subsidiary of the Caisse de dépôt et placement du Québec, manages one of the world's ten largest real estate portfolios.

The transaction constitutes one of the largest European single financing facilities for 2008 and highlights the confidence and long term commitments of the banking group in the French real estate market. The refinancing follows the successful completion and leasing up of the portfolio mainly to GDF Suez and on a long term basis representing the largest and most prestigious leasing in the Paris market for 2008. This prime quality complex in one of Europe's most important business districts comprises approx. 92,000 m² SHON of Class A office space and 1,345 car park units.

The Mandate Lead Arrangers see this transaction as evidence for continuing liquidity in debt financing, despite the turmoil in the financial markets. In general German banks remain very supportive of real estate lending acting under the advantageous Pfandbrief regime.
For SITQ this transaction completes another successful development and investment real estate project in Europe. It is a reflection of SITQ's long-term commitment to the European market.

The banking pool has been advised by Gide Loyrette Nouel A.A.R.P.I. and Seyewetz Gagnier Martin as notary and Knight Frank as real estate valuers. The sponsors have been served by Allen & Overy Paris and by Office Notarial Wargny-Katz.

Source: Helaba

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