Germany's WestImmo, PBB in e170m French refinancing

Westdeutsche ImmobilienBank and Deutsche Pfandbriefbank have jointly arranged and provided a E170m refinancing of a portfolio of six French office buildings for EPL, a real estate vehicle advised by BNP Paribas Real Estate Investment Services. The assets comprise over 73,000 sq.m. space and are 88 % let to 16 tenants with strong covenants. They were completed between March 2006 and November 2009, and are located in established office locations in greater Paris (5) and Marseille (1). WestImmo France Head Mounir Hamrouni said the deal is a landmark, showing that liquidity exists for prime assets and relationship clients as BNP Paribas REIS. Harin Thaker, PBB Head of Real Estate Business International, added that France is an important strategic market for the bank. (See upcoming PIE/PFE editions for full story)