pbb Deutsche Pfandbriefbank has granted an investment line of credit for a total amount of € 80 million for an office portfolio managed by BNP Paribas REIM on behalf of SCPI Accès Valeur Pierre. The SCPI will use the proceeds for the partial refinancing of an existing short-term debt and the financing of the fund’s redevelopment strategy, based on major renovations. pbb acted as arranger and sole lender under the facility.

The portfolio includes three renovated office buildings in the center of Paris. The gross leasable area of ​​approximately 11,000 m² consists mainly of office space, to which are added small proportions of retail and catering space. The portfolio is leased to reputable tenants such as a social housing company and other renowned international law firms.

Norbert Müller, Head of Real Estate Financing Continental Western Europe at pbb Deutsche Pfandbriefbank said: “We are very pleased to support BNP REIM and SCPI Accès Valeur Pierre in this transaction. The operation underlines our strong ability to support our existing customers and in particular in the specific structures such as SCPI vehicles.

Jean-Maxime Jouis, Head of Fund Management at BNP Paribas REIM said: “The transaction shows the attractiveness of Accès Valeur Pierre and its portfolio of Parisian offices on the financing market. It will enable the fund to strengthen its liquidity position, extend the average maturity of its debt from 3.2 to 6.5 years, under favorable financial conditions, and continue to build an optimal credit schedule.

Kontakt für die Medien / Media contacts
Walter Allwicher, +49 89 2880-28787, walter.allwicher (at) pfandbriefbank.com
Nina Lux, +49 89 2880-11496, nina.lux (at) pfandbriefbank.com

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Deutsche Pfandbriefbank AG published this content on April 26, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on April 26, 2021 07:45:02 AM UTC.