CB Richard Ellis has arranged an €81m (£64m) finance facility for Heron International to build its Heron Parc Lille scheme in France.
CBRE’s Europe, Middle East and Africa (EMEA) Debt Advisory business and its London and Paris Retail Investment Property teams arranged the financing for Heron.
SNS Property Finance and Postbank jointly financed the deal.
Heron is planning to build a 450,000 sq ft leisure, retail and office scheme at Villeneuve d’Ascq in France.
CBRE said it provided prospective lenders with analysis of the Heron Parc Lille development’s credentials, including local retail market conditions, competition, location advantages, tenant profiles, cash-flow modelling analysis and debt structuring.
EMEA Debt Advisory director Natale Giostra said: “This is a significant transaction given the prevailing market conditions across Europe, which have made many lenders more cautious towards financing commercial property development.
“It proves that despite the current financial climate, debt capital is still available for the right developer in the right location.”
