Allianz Real Estate France has provided a €225 million long-term loan to listed property firm Icade to refinance a business park on the outskirts of Paris.
The real estate arm of the Munich-headquartered insurer provided the 20-year facility to refinance the Pont de Flandre business park, located in the 19th arrondissement of Paris. The 81,000 square metre office park contains 10 separate buildings.
The financing was arranged by Crédit Agricole Corporate & Investment Bank.
Allianz had previously financed the property for Icade. In a statement, Icade said it had “taken advantage of the current conditions in the credit market” by refinancing the loan. The new deal has been priced at a fixed rate of 2.172 percent, 150 basis points below the interest rate in the original loan. The new deal also adds 11 years to the maturity of the original loan.
The facility has been provided by two French insurance subsidiaries of Allianz; Allianz Vie and Allianz IARD. The borrower, Icade, is the real estate subsidiary of the state-owned Group Caisse des Dépôts.
“This 20-year financing gives us the opportunity to strengthen our collaboration with Icade, a leading real estate player on the French market,” said Carole Tran Van Lieu, head of commercial real estate lending at Allianz Real Estate France.