Orrick Advises Société Générale and Allianz Global Investors in PPP Financing for Transfer of the National Interest Market of Nice

March.11.2019

Orrick advised Société Générale and Allianz Global Investors in connection with the public-private partnership project of the “Métropole Nice Côte d'Azur” regarding the design, construction, financing, maintenance, major maintenance and renewal for 35 years of the new “Marché d’intérêt national” (National Interest Market, similar to the famous Rungis International Market in Paris) of the city of Nice, transferred to La Baronne in La Gaude.

The financing, approximately €61.5 million, stands out for three features: it combines a bank financing granted by Société Générale as a lender, a bond financing subscribed by several investors of the Allianz group, and the setup of a securitization mutual fund, the purpose of which is to acquire the facility granted by Société Générale.

The beneficiary consortium includes Banque des territoires through its subsidiary Exterimmo, Bouygues Bâtiment Sud-Est and Bouygues E&S FM France. Dalkia will build and operate hot and cold production facilities necessary for the operation of the building.

The Orrick team was led by Amaury de Feydeau and included Hervé Touraine, Laure Seror, Paul Loisel, Tsveta Pencheva and Giovanbattista Gianni on finance aspects and Jean-Luc Champy, Geoffroy Berthon, Quirec de Kersauson and Janina Dahmouh on public law aspects and industrial contracts.