BNP Paribas and Natixis, acting as Mandated Lead Arrangers and Bookrunners and joined by Allianz, BECM and La Banque Postale, have provided a 10-year loan to a Joint Venture led by Tishman Speyer for the refinancing of its Paris office property ‘Lumière’ located in the Eastern business District of Paris. The debt package is the largest on the French real estate market provided this year for a single asset transaction.
‘Lumière’ is the largest privately-owned office building within central Paris. Built in 1992, it is located on the Avenue des Terroirs in the 12th arrondissement and provides 1,467,959ft² (136377m²) of office space, 43,056ft² (4000m²) of retail and restaurant space, 306,772ft² (28500m²) of warehouse and archive space, and 1,700 underground parking spaces.
In this transaction, the lenders were advised by Gide Loyrette Nouel and Allez and Associés. Tishman Speyer was advised by De Pardieu Brocas Maffei, Wargny Katz, Finae Advisors and Chatham Financial.
Tishman Speyer acquired the ‘Lumière’ from Blackstone in 2006 for €675m, through its European Strategic Office Fund, a long-term core fund focused on prime properties in major European cities.
