Euro 210 million financing deal agreed for Defense Plaza | 24 August 2011
The financing of Defense Plaza in Paris has been agreed, with Aareal Bank and Morgan Stanley set to combine along with a junior lender to push the deal through.
Located in La Defense, the largest office district in Europe, the development will involve investment of €210 million, according to Europe Real Estate.
It explained that Morgan Stanley will initially provide a €190 million senior tranche acquired by Aareal Bank, with the rest coming from the junior lender, as a joint venture between Beacon Capital Partners and Northwood Investors has been agreed.
Dirk Gosse Wordemann, member of the management board at Aareal, lauded the company’s relationship with both Morgan Stanley and the French market as a whole.
He added: “The financing of the Defense Plaza is an outstanding example of Aareal Bank’s long-standing and intensive commitment in France.”
There is more than 31,000 sq m of office space let across 14 storeys at Defense Plaza, which boasts the French green-building accreditation Haute Qualite Environmentale.
Aareal recently posted its financial results for the second quarter of the year, with RTTNews pointing out that the company’s net income climbed from €22 million to €30 million year on year.
The newswire went on to highlight the net interest income recorded, which advanced from €122 million to €134 million during the same period.
Written by Paul Smithson on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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