pbb Deutsche Pfandbriefbank has renewed and extended the €600m (£504m) acquisition and development financing of the Tour First tower in La Defense, Paris, for Beacon Capital Partners.
The financing facility was initially provided in June 2007 to finance the joint venture agreement between Beacon and Axa, including the joint re-development of the tower.
The Tour First tower, historically known as “Tour CB 31” or “Tour Axa”, is located at the main entrance of La Defense.
At 231m tall, it will be the tallest office building in
The tower is scheduled for completion in the first quarter of 2011.
Harin Thaker, head of International Real Estate Finance at pbb Deutsche Pfandbriefbank said: “This financing further strengthens our relationship with Beacon and demonstrates our willingness to further support existing customers even in extensive projects.
“Our financial scope and the team in place positions us well to take on comprehensive projects.”
nathan.cross@estatesgazette.com
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