Tishman Speyer has financed its acquisition of a Paris office tower with Aareal Bank and La Banque Postale.
The two lenders jointly provided €215 million for the 41,000 sq metre Tour CBX in La Défense which used to be known as Tour Dexia after one of its major tenants.
Tishman bought the 142-metre building, which is estimated to have a value in the region of €340 million, in July. The US developer knows the asset well having originally built it in 2005, later selling it to Dexia Bank.
Dexia is winding down its assets following a bailout by the French and Belgian governments. It will remain in the building as a tenant on a newly-negotiated lease. Allianz is also a major occupier.
Aareal Bank, led by western Europe MD Martin Vest, acted as arranger and lender and will be agent.
Tishman’s head of France, Philippe Joland, said CBX is the group’s 20th acquisition in Paris, “and an important asset for us, buying back the first property we originally developed 15 years ago. This demonstrates how we have always intended to become local and long term players in the most active real estate markets around the world.”
Tishman Speyer was advised by Eastil Secured associate Finae Advisors and hedging specialist Chatham Financial.
Paris remains a key market for German banks. Helaba and DekaBank jointly financed Korean investor Samsung’s €300 million-plus purchase of Tour So Ouest in the city in the summer.
La Banque Postale is also a lender in Europe via a private debt fund. Its asset management arm reached a €533 million first close in April on two funds targeting senior real estate loans and infrastructure, typically in €20 million-€50 million tickets. It also has a 40 percent stake in AEW Europe, which it now owns jointly with Natixis. Natixis/AEW is currently raising a new CRE senior debt fund with a target of €700 million.