pbb Deutsche Pfandbriefbank has provided €58 mln worth of financing to a fund, for which Primonial REIM is the Asset Manager, towards the acquisition of an office building in France. pbb acted as the agent and sole lender, with the transaction closing in September 2015.
The office building is located in Nanterre, close to La Défense in Paris, which has recently seen a revitalisation effort. The building comprises 32,615 m² worth of office space, as well as 650 parking spaces. It is fully let to eight prime tenants, including Manpower France, Sodexo Pass France and Total SA.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, commented: “France continues to be an attractive market for pbb. This transaction is the fifth with our client Primonial REIM and we look forward to expanding our business relationship with this professional partner.”
This is not pbb's first investment effort into Nanterre, having previously extended a secured facility of €199 million to Docks Lyonnais SA for an office building in the district.
Source: pbb Deutsche Pfandbriefbank
