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Real Estate Finance | Feb 10, 2017

Office building “Nework” in Nanterre

Helaba, acting as lead arranger, lender and hedging provider, together with FCT SCOR Real Estate Loans II, a debt fund managed by SCOR Investment Partners, has underwritten a 4-year acquisition, development and VAT financing package for a JV between French major development, investment and asset management property player GCI and a North American institutional fund, for their acquisition of “Nework”.

“Nework” is a 7-storey office building totaling 21,147 sqm Gross Lettable Area acquired under VEFA (Acquisition in Future State of Completion) regime from Altarea Cogedim and Eiffage, to be delivered by 2Q 2019. The building will benefit from most up-to-date green labels and will provide efficient about 2,600 sqm floor plates with high-end specifications. It will be located close to Nanterre University, with good accessibility and transport links.

FCT SCOR Real Estate Loans II is managed by SCOR Investment Partners SE, the asset management company of the SCOR group, a leading global reinsurer. SCOR Investment Partners manages the Group invested assets which stands at €19.2bn as of 30 September 2016 as well as €2.2bn assets entrusted by third-party institutional investors. FCT SCOR Real Estate Loans II’s total size is €360m, already ca. 90% invested end January 2017.



Office property "Nework" in Nanterre

Customer:GCI, North American fund
Type of finance:4-year acquisition, development and VAT financing package
Role of Helaba:Arranger, Lender, Hedging Provider
Unit/department:Real Estate Finance France
Closing/funding:January 2017