Westdeutsche ImmobilienBank AG and pbb Deutsche Pfandbriefbank jointly arranged and provided a 170 million refinancing of a portfolio of six French office buildings for EPL, a French Real Estate Vehicle advised by BNP Paribas REIS, a company belonging to the BNP Paribas real estate investment management business line.
The portfolio currently comprises six new office buildings completed between March 2006 and November 2009, which are located in established office locations in greater Paris (5) and Marseille (1) and are well connected to public transport. It comprises over 73,000 m² space and is 88 % let to 16 tenants with strong covenants.
Mounir Hamrouni, Head of Real Estate Financing in France at WestImmo commented: "The refinancing of the EPL Fund is a landmark transaction on the French real estate market which evidences the existence of liquidity for prime assets and relationship clients as BNP Paribas REIS. Such transaction was achieved within a tight timeframe and was made possible thanks to professional partners involved in all financing and closing matters."
Harin Thaker, Head of Real Estate Business International at pbb Deutsche Pfandbriefbank commented: "pbb Deutsche Pfandbriefbank is pleased to be an important partner of BNP Paribas REIS. We regard France as an important strategic market for us. The closing of this transaction demonstrates our continued commitment to the market and our willingness to find refinancing solutions to support our clients."
Etienne Dupuy, CEO of BNP Paribas Real Estate Investment Services commented: "Following a change of strategy for the EPL fund in 2008, we have advised EPL investors to anticipate a refinancing of the entire portfolio in 2009. The offer of Westdeutsche ImmobilienBank AG and pbb Deutsche Pfandbriefbank met the requirements of the new long term strategy of the fund. We would like to thank all the professional partners for their effective contribution to the smooth running of the refinancing process."