pbb Deutsche Pfandbriefbank provided a €60m medium-term facility for Seine Avenue Sarl, an SPV held by InfraRed Real Estate Fund IV and managed by InfraRed Capital Partners, for the acquisition of Seine Avenue office building. Hemisphere, the asset manager of the asset, advised InfraRed on the acquisition.
The Camelia office building is located within the ZAC des Bords de Seine in Asnières-sur-Seine, a northern suburb of Paris close to the Seine river. The area benefits from extensive regeneration, including new residential buildings, hotels and offices. The building features c.23,400 m² of office space including a staff restaurant and 420 parking units. It was built in 2009 and has a green building certification (Haute Qualité Environnementale Exploitation).
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb, said: “We are pleased to further strengthen our relationship with InfraRed and Hemisphere and support them in their financings and in the execution of their business plan, in France and Europe.”
Cedric Vallin, President of Hemisphere says: “We are delighted to deepen our collaboration with PBB with another Paris office financing. The strong asset fundamentals together with its ongoing repositioning and our active management make us confident of its future success."
