Aareal Bank AG, acting as arranger, agent and lender has provided a €210m loan to Tishman Speyer and the Public Sector Pension Investment Board (PSP Investments) Joint Venture, for their acquisition of Espace Lumiere in Boulogne Billancourt from a fund managed by Invesco Real Estate. This iconic 28,000m² building is the work of Christian de Portzamparc, a leading French architect and urban planner. Since its opening in 2000, it has been occupied by Canal+.
Philippe Joland, Senior Managing Director and President of Tishman Speyer France, said: "We are delighted with this acquisition in such a special context and with Aareal Bank at our side. With the planned departure of Canal+ in 2022, we will be keen to reposition this magnificent building at the entrance to the city of Boulogne. With such large private outdoor areas, this human-scale campus will perfectly meet the new needs of users in terms of health and well-being, but also flexibility and efficiency. Our ambition is to make this a genuine positive destination property for its future occupiers by 2024. Securing the necessary financing for this joint venture reflects our solid reputation and the strong relationship and trust we have developed with Aareal over the years in Europe."
Martin Vest, Managing Director at Aareal Bank AG, said: "Closing the deal Espace Lumière, as financing partner of Tishman Speyer and PSP, is a great achievement. We are honoured by the confidence the sponsors have shown in us once again and are looking forward to the repositioning of this landmark property, post departure of Canal+ in 2022. Delivering this facility highlights Aareal Bank's ability to provide significant commercial property loans and reinforces the strong and sustainable relationship we have built over the years with key players such as Tishman and PSP."