

Helaba has refinanced Tishman Speyer’s Cristalia office building in Paris with a €70m loan.
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 (TSEC). It is located in Rueil-Malmaison, Hauts-de-Seine. It is occupied entirely by Bristol-Myers-Squibb, a biopharmaceutical company.
Poor growth figures and concerns over France’s left wing government have led some investors to raise concerns over investing in the country, but Cushman & Wakefield research shows that its investment market saw €23.8bn of transactions in 2014, the third highest ever in a single year.
The deal follows Helaba’s €95m refinance of Quantum Global Real Estate and La Salle Investment Management’s Tour Blanche in the city and its €280m underwrite of a debt package for a Korean investment group for its purchase of the Sanofi headquarters at 54 Rue La Boetie, both of which completed last October.