PARIS-Tishman Speyer has refinanced a $571 million loan for the 1.4-million-square-foot Lumiere building here. BNP Paribas, Cardif, CNP and Predica providing the new funding for the fully-leased building.
According to a Tishman statement, the new financing agreement is the first of its kind in Europe to be structured through a mortgage bond private placement, secured by a first-ranking mortgage on the building. It is the largest real estate financing in France for a single asset in the past five years.
The building is in the business district of Bercy St. Emilion. The nine-story property includes Natixis, SNCF, ING Direct and the French Ministry of Interior, which is moving into 400,000 square feet by this fall in the city’s largest office lease ever.
Tishman owns the property as part of its European Strategic Office Fund, which controls office assets in several major European cities. The firm’s entire 10-building Paris portfolio, totaling about 3.8 million square feet, is nearly 100% leased.
BNP acted as the sole arranger, structuring advisor and placement agent. The bank was advised by Gide Loyrette Nouel in the transaction, and Tishman was advised by Wargny Katz, De Pardieu Brocas Maffei and Finae Advisors.
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