

Morgan Stanley and Aareal Bank have jointly refinanced an office building in the La Defense business district of Paris with a €202 million loan.
The deal was structured as two senior tranches and a junior facility. Real Estate Capital understands that Morgan Stanley and Aareal provided the senior debt on a 50-50 basis, while Morgan Stanley provided the junior debt. The loan has a term of five years.
In August 2011, Morgan Stanley and Aareal arranged the joint €210 million financing of Defense Plaza for Northwood and Beacon. Aareal acquired the €195 million senior tranche, which was initially provided by Morgan Stanley. A junior lender contributed a further €15 million, Aareal said at the time.
Beacon originally bought Defense Plaza in 2006. The 31,160 square metre building was constructed in 2005 by developer HRO. The office building is let to tenants including Dupont companies, GE Capital France and State Street.
DLA Piper advised the borrowers and Allen & Overy advised the two banks.