La Française Real Estate Managers (REM) has successfully completed the refinancing of Crystal Park, an office building of 43,300 m2 located at 61-63 rue de Villiers in Neuilly sur Seine (92), a leading location close to the Paris Central Business District (CBD) and La Défense. The asset management team of La Française REM's institutional division has managed the property since its acquisition in 2019 on behalf of South Korean investors. The refinancing was negotiated through Aareal Bank (the loan agent), another German bank and two international clients represented by an institutional asset manager.
The building was heavily refurbished in 2018 by the renowned architectural firm Valode & Pistre. The office complex is 100% leased to three anchor tenants, including PwC, which occupies two thirds of the building under a recently extended lease that runs until 2035.
Crystal Park features solid ESG (Environmental, Social and Governance) credentials with a BREEAM Excellent certification and the EcoJardin Label for its listed park, signifying the ecological gardening of the surrounding green spaces.
Antoine LE TREUT, Deputy Managing Director, in charge of La Française REM's Institutional Division for France, said: “This refinancing deal illustrates perfectly our ambitious and proactive asset management strategy which aims to optimize the value of our assets and to secure long-term cash flows through lease renewals. This operation also reflects the confidence of our financial partners in our approach. I would like to personally congratulate our asset management team, Xavier BARREYAT, Cédrick BECKER and Claudia REN for successfully managing this operation.”
For this transaction, La Française Real Estate Managers was advised by Jones Day on legal, Allez & Associés (notary office) and Eastdil on finance restructuring. Lenders were advised by Lacourte Raquin Tatar on legal and Allez & Associés (notary office).