News & Analysis

pbb backs Primonial with €58m for Paris offices

pbb Deutsche Pfandbriefbank has provided a €58m facility to Primorial REIM for the purchase of an office building near La Défense in Paris. The office building is located in Nanterre and comprises 32,615 sq m of office space as well as 650 parking spaces.

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Norbert Muller

pbb Deutsche Pfandbriefbank has provided a €58m facility to Primonial REIM for the purchase of an office building near La Défense in Paris.

The 10-year senior loan will fund Primonial’s purchase of the Eureka building, located in Nanterre, from insurance firm Generali for around €100m.

Norbert Müller
Norbert Müller

“France continues to be an attractive market for pbb,” said Norbert Müller, head of real estate finance for continental Europe west at pbb.

“This transaction is the fifth with our client Primonial REIM and we look forward to expanding our business relationship.”

The Eureka building comprises 32,615 sq m of office space as well as 650 parking spaces. The building was designed by architectural firm Di Fiore and completed in 2009.

It is fully let to eight tenants, including human resources firm Manpower France, food services company Sodexo Pass France, and oil and gas giant Total SA.

Paris-based asset manager Primonial advises on or manages around €9bn of assets.