Orrick's Paris Finance team advised longtime client Hines on financing the acquisition of a 35,008-sq.m. office tower in Courbevoie, located on the outskirts of the Paris La Défense business district and presently leased to Crédit Agricole Corporate and Investment Bank.
This “value-added” acquisition (requiring some refurbishment with a view to re-letting) closed in mid-November and was transacted by Hines on behalf of a major sovereign fund, with Hines acting as co-investor and asset manager. The €135 million acquisition and construction loan was provided by PBB Deutsche Pfandbriefbank AG.
Hines is a US-based real estate developer, investor and asset manager with assets currently under management totaling $87 billion and a portfolio of ongoing, completed or acquired projects consisting of more than 1,200 properties worldwide, including skyscrapers, corporate headquarters, mixed-use centers, industrial parks, medical facilities, and master-planned resort and residential communities.