Oxford Properties Group (Oxford) has successfully refinanced 32 Rue Blanche, a Class-A office building in central Paris, having agreed a €182.5m green loan with Aareal Bank.
The refinancing follows Oxford’s completion of a comprehensive renovation scheme at the c. 22,111m2 building, which significantly upgraded the office’s environmental performance, amenity offering and technology capabilities, transforming 32 Rue Blanche into one of the most sustainable and connected workplaces in the highly supply constrained Paris office market.
The building offers outdoor meeting and working spaces on a 1,400m2 rooftop terrace, which is exceedingly rare in the city, and offers workspaces with sweeping views of Paris’ historic cityscape.
Through Oxford’s investments into digital infrastructure enhancements, 32 Rue Blanche has achieved WiredScore’s highest rating of ‘Platinum’, with WiFi connection extending all the way to its rooftop workspaces. Additionally, the renovation programme led to an upgrade in the building's BREEAM sustainability rating from ‘Good’ to ‘Excellent’, in line with its commitment to decarbonisation. By replacing over 1,500 lighting units with LEDs alone, Oxford was able to reduce the property’s energy consumption by 10%. With a focus on improving well-being and encouraging green commuting, bike storage, lockers and changing facilities were expanded and electric car charging stations were added.
Oxford has also ensured that 32 Rue Blanche provides social mobility opportunities by establishing a programme that connects local students with employees in the building.
Located in Paris’ vibrant 9th arrondissement, 32 Rue Blanche benefits from numerous transport connections and, having agreed a series of leases earlier this year, is fully let to a number of blue chip occupiers including Criteo, Sodexo, Factset, Mutuelle Interiale and EOS Imaging.
Tina Pristovsek, Vice President, Real Estate Finance & Capital Markets – Europe at Oxford Properties, said: “The facility we have signed with Aareal Bank endorses the value we have created at 32 Rue Blanche on behalf of our members through our comprehensive renovation of the property and the completion of a successful leasing programme. It also demonstrates the continued willingness of lenders to provide finance for high-quality, well-let assets in strong locations. The fact that the refinancing of 32 Rue Blanche was achieved through a green loan underlines the improved sustainability standards we have achieved at the property. These further support our strategy of investing in best-in-class assets that meet the highest sustainability standards and align with the demands of modern occupiers. We have an excellent longstanding relationship with Aareal Bank and look forward to working with them again in the future.”
Martin Vest, Managing Director Euro Hub at Aareal Bank, added: “The sustainability of a property can be measured by more than just consumption data. It is also an aspect of good architecture that guarantees long-term use and value retention. 32 Blanche is a prime example of this, and we are proud of our longstanding partnership with Oxford Properties.”
Image source - Oxford.
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