Pbb backs AEW’s Paris business parks

Pbb Deutsche Pfandbriefbank has provided a €64 million loan to a vehicle managed by AEW Europe to finance a portfolio of business parks located around Paris.

The six-year acquisition loan finances the purchase of four business parks in the Villebon, Evry, Antony and Cergy suburbs of the French capital. Pbb is the sole lender in the deal, which closed in December 2016.

The portfolio comprises 53 buildings totalling around 220,000 square metres of space, of which 59 percent is offices, and 41 percent light industrial. It is occupied by more than 200 tenants.

“This deal further consolidates the existing good relationship with AEW and finances an attractive asset base in a core market for the bank,” said Charles Balch, head of real estate finance international, UK & CEE at pbb Deutsche Pfandbriefbank.