Helaba lends €120m on Crédit Agricole’s Tivoli in Paris

Helaba is providing a €120m loan to Crédit Agricole to refinance its Tivoli office complex in Paris. The German bank is acting as the sole lender and arranger in the deal.

Helaba is providing a €120m loan to Crédit Agricole to refinance its Tivoli office complex in Paris.

The German bank is acting as the sole lender and arranger on the deal.

Crédit Agricole last year signed up leading insurance group Covea as sole tenant at Tivoli on a long-term lease.

Covéa, which groups together the mutual insurers MAAF, MMA and GMF, uses Tivoli as its global headquarters.

Tivoli at 86-90 rue Saint Lazare, Paris.
Tivoli at 86-90 rue Saint Lazare, Paris.

The 22,000 sq m office complex is located in the central business district at 86-90 rue Saint Lazare. Fully renovated in 2014, it comprises seven buildings including a company restaurant and auditorium, as well as 170 parking spaces and an 850 sq m garden.

Helaba said that “France is one of our major target areas in real estate financing”, and  it has had a branch in Paris since 2008.

Helaba refinanced Tishman Speyer’s Cristalia office building in Paris with a €70m loan in February. The five-year deal is thought to reflect a loan-to-value of slightly above 50%. The facility includes €10m for future capital expenditures and upgrades.

The eight-storey, 21,700 sq m Cristalia building is owned by Tishman’s European Core Fund. It is located in Rueil-Malmaison, Hauts-de-Seine, and occupied entirely by Bristol-Myers-Squibb, a biopharmaceutical company.

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