Hypo Real Estate Bank International completes 91m financing for acquisition of Marchand Tower, Courbevoie (DE/FR)

Hypo Real Estate Bank International announces today that it has arranged the financing for the acquisition of Marchand Tower in La Défense, Courbevoie by Qatar Islamic Bank. This acquisition and the funding were completed on 15th March 2005 in accordance with a Sharia / Murabahah compliant structure. Funding closed 15th March.

The sponsor of this transaction is the Qatar Islamic Bank, the second largest bank in Qatar, founded in 1982 and listed on the Doha stock exchange, assisted by Financière Centuria, its exclusive representative and Asset Manager.

Marchand Tower is located in Courbevoie in the north of the La Défense business district. It was constructed in 1973 and provides 15,084 sqm of class A office accommodation. The Tower will undergo a complete refurbishment and is let to RTE (Réseau de Transport d’Electricité) a division of state owned EDF (Electricté de France).

Qatar Islamic Bank was advised by Baker & McKenzie, CMS Bureau Francis Lefebvre and Bruno Garnier, notary. Hypo Real Estate Bank International was advised by Jeantet Associés and their notary Rochelois.

Commenting, Harin Thaker, CEO of the bank’s European business platform, said: “The successful closing of this Sharia compliant transaction clearly demonstrates once more the way in which our European business platform can successfully deliver the tailor-made solutions our clients

Source: Hypo Real Estate Bank

Related News