Münchener Hypothekenbank eG has financed the purchase of an office and commercial building located in the central business district of Paris at 69 Boulevard Haussmann.The financing was for €64m. The building was acquired by Encore+, an open-ended fund managed by Aviva Investors with LaSalle Investment serving as the asset manager.
The property is located on the south side of Boulevard Haussmann, which is known as the best office location in Paris. The building’s approximately 7,400 m² of office space have been let to four companies with UBS as the anchor tenant.
Encore+ was established in 2006 and is solely focused on institutional investors. The fund’s investment emphasis is on core and core+ properties in Europe and is mainly invested in office, retail and logistics properties. MünchenerHyp has previously provided financing for two Encore+ deals.
“We are very pleased that we again had the opportunity to prove our ability to provide competitive financing in the fiercely contested French market“, said Dr. Jan Peter Annecke, the Head of Commercial Real Estate Finance at MünchenerHyp. “We are particularly pleased that this interesting property attractively located in the heart of Paris allows us to further intensify our business relationships with LaSalle and Aviva Investors“, added Jan Polland, Head of Commercial Real Estate Finance - Direct Clients.
Roberto Carrera, European Head of Financing at LaSalle noted: “My team maintains an ongoing dialogue with leading property lenders in Europe, which enables us to always find the most appropriate financing partner for every property investment. MünchenerHyp’s very attractive financing package put them at the top of our selection process.”
Jeffrey King, Fund Manager of Encore+ at Aviva Investors said: “The income profile and risk characteristics of this asset make it an attractive option for the Fund to secure external debt in its financing structure. We are pleased that in MünchenerHyp we have once again found an outstanding partner for Encore+.”
