pbb Deutsche Pfandbriefbank has provided an investment loan facility totalling €80 million for an office portfolio managed by BNP Paribas REIM on behalf of SCPI Accès Valeur Pierre. The SCPI will utilise the proceeds for the partial refinancing of an existing short-term debt and the financing of the redevelopment strategy of the fund, based on large refurbishments. pbb acted as arranger and sole lender under the facility.
The portfolio comprises three refurbished office buildings in central Paris. The circa 11,000 sqm of gross lettable area predominantly consists of office space, which is complemented by small proportions of retail and restaurant space. The portfolio is let to reputable tenants such as a social housing company and other well-known international law firms.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank said: "We are very pleased to support BNP REIM and SCPI Accès Valeur Pierre in this transaction. The deal underlines our strong capacity to support our existing clients and particularly in those specific structures that are SCPI vehicles.”
Jean-Maxime Jouis, Head of Fund Management at BNP Paribas REIM said: “The transaction shows the attractiveness of Accès Valeur Pierre and its Parisian office portfolio on the financing market. It will enable the fund to strengthen its liquidity position, to extend the average maturity of its debt from 3.2 to 6.5 years, under favourable financial conditions, and to continue building an optimal credit schedule.”
Kontakt für die Medien/Media contacts
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com
Nina Lux, +49 89 2880-11496, nina.lux(at)pfandbriefbank.com