Asset manager DWS has partnered with Societe Generale Corporate & Investment Banking to complete a €205 million (US$231 million) refinancing secured by the defense Plaza office scheme in Paris' La Défense.
The 13-story building is owned by a fund managed by Northwood Investors and comprises over 31,000 square meters fully let to a diversified tenant base comprising blue chip international companies.
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The facility is a site between a €175 million (US$197 million) senior faciliy and 30 million mezzanine facility fully syndicated to a debt fund managed by DWS.
"We are pleased to work alongside Societe Generale to structure a refinancing deal in support of Northwood against this quality asset in La Défense, Paris," said Alexander Oswatitsch, head of european Real Estate Debt at DWS. He added "This transaction reinforces our ability to provide competative mezanine financing solutions across Europe, despite challenging times."
"This transaction further strengthens the already strong relationship we have with DWS, and demonstrates the bank's capacity to structure complex real estate structured financing in the market," commented Jerome Gatipon-Bachette, co-global head of Real Estate Structured Finance for Societe Generale Coporate and Investment Banking.
DWS's European real estate debt business currently manages €1.9 billion (US$2.1 billion) in AuM as of March 2020. In 2019, the business most notably completed a sizable mezzanine loan to finance the development of the T1 tower in Frankfurt, part of the landmark development "Four Frankfurt," as well sa multiple senior and junior investments across residential and commercial assets in Europe.
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