La Francaise REM Secures Refinancing for Crystal Park
Deal News | Nov 20, 2024 | La Francaise REM SAS
La Francaise Real Estate Managers (REM) has completed a significant refinancing deal for the Crystal Park office complex located in Neuilly sur Seine, near the Paris Central Business District and La Défense. The 43,300 m2 property, managed by La Francaise's institutional division for South Korean investors since 2019, has successfully secured refinancing with Aareal Bank leading the loan, alongside another German bank and international clients. Notable tenants include PwC, which occupies a major portion of the refurbished building under an extended lease until 2035. The office complex is recognized for its solid ESG credentials, holding a BREEAM Excellent certification as well as the EcoJardin Label. Antoine LE TREUT, Deputy Managing Director at La Francaise REM, highlighted the proactive asset management strategy in optimizing asset value and securing long-term cash flows. The deal involved legal and financial advisory from Jones Day, Allez & Associés, and Eastdil, with lender advisories from Lacourte Raquin Tatar and Allez & Associés.
Sectors
- Real Estate
- Financial Services
- Professional Services
Geography
- France – The Crystal Park property is located in Neuilly sur Seine, a suburb of Paris, France.
- South Korea – The office building is managed on behalf of South Korean investors.
Industry
- Real Estate – This involves the management and refinancing of a significant office property in Paris.
- Financial Services – Involves refinancing through banks and financial advisories.
- Professional Services – Includes legal and financial advisory services provided by firms such as Jones Day and Eastdil.
Financials
- – Refinancing amount not specified, involves multiple banks and clients.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| La Francaise Real Estate Managers | Asset Manager | Company | Managed the Crystal Park property since its acquisition. |
| Aareal Bank | Loan Agent | Company | Lead bank in the refinancing deal. |
| PwC | Tenant | Company | Occupies two-thirds of Crystal Park under a long-term lease. |
| Valode & Pistre | Architect | Company | Refurbished the Crystal Park building in 2018. |
| Jones Day | Legal Advisor | Company | Provided legal advice for La Francaise Real Estate Managers. |
| Allez & Associés | Notary Office | Company | Provided notary services for the refinancing transaction. |
| Eastdil | Finance Restructuring Advisor | Company | Advised on the financial restructuring. |
| Lacourte Raquin Tatar | Legal Advisor | Company | Legal advisor for the lenders. |