Aareal Bank AG, acting as Arranger, Agent and Lender and La Banque Postale, acting as Lender, have provided a €215m loan to a Joint Venture led by Tishman Speyer for the acquisition of the “Tour CBX” located in the business district La Défense in Paris.
“Tour CBX” is a 41,000m² office building. It was originally developed and delivered by Tishman Speyer in 2005 and later sold to its main tenant. With 27 upper floors and a total height of 142 meters, “Tour CBX” is a prime office tower offering grade A office accommodation. Of the total lettable area, some 84% is let to 3 well known international tenants.
Martin Vest, Managing Director Western Europe, Aareal Bank AG, said: “Thanks to the very good client relationship and the excellent cooperation between the financing partners we were able to successfully close this complex transaction.”
Philippe Joland, Senior Managing Director and Tishman Speyer Head of France, said: “Securing the necessary financing for this joint venture is a reflection of our solid reputation and the strong relationships we have with our partners. CBX is our 20th acquisition in Paris and an important asset for us, buying back the first property we originally developed 15 years ago. This demonstrates how we have always intended to become local and long term players in the most active real estate markets around the world.”
In this transaction, the lenders were advised by Archers and Allez and Associés. Tishman Speyer was advised by De Pardieu Brocas Maffei, Fairway and Atoz, Wargny Katz, Finae Advisors and Chatham Financial.