pbb Deutsche Pfandbriefbank lends €131m on Paris tower

pbb Deutsche Pfandbriefbank has provided a €131m loan to AEW Europe to refinance the Tour W office tower in Paris. The 32-storey partially let tower in La Défense is managed by AEW Europe and owned by a group of French investors. It is currently being renovated.

pbb Deutsche Pfandbriefbank has provided a €131m loan to AEW Europe to refinance the Tour W office tower in Paris.

The 32-storey, partially let tower in La Défense was built in 1973 and is currently being renovated.

pbb is the mandated lead arranger and underwriter and the sole lender at this stage.

Charles Balch, head of real estate finance international, UK & CEE at pbb Deutsche Pfandbriefbank, said: “Tour W is a well-positioned building in La Défense, Paris. For pbb Deutsche Pfandbriefbank, France is one of the core markets.”

Last September, pbb Deutsche Pfandbriefbank and Aareal co-underwrote a €515m five-year senior loan on Beacon Capital Partners’ Tour First tower in La Défense.

The banks syndicated just over €250m of that loan to M&G Investments, AEW’s senior debt fund and a German bank believed to be Postbank.

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