ING, BNPP, CACIB, and Natixis finance Coeur Défense with €900m loan

ING, BNPP, CACIB, and Natixis have financed France biggest single commercial property transaction of the year through the financing of the office complex called "Coeur Défense" in Paris La Défense. The acquisition was executed as a share deal from an affiliate of Lone Star (a global private equity firm based in the US) by a consortium led by Amundi and including Amundi, Crédit Agricole Assurances and Primonial.

Designed by the famous French architect Jean-Paul Viguier, Coeur Defense was completed in 2001 and has more than 159 000 m² of office space spread over 2 towers and 3 smaller buildings linked by a large atrium.

Each of the two towers comprises 40 floors of office space, with a surface area of 64 000 m². The other three buildings comprise nine floors of office space and retail outlets. The complex houses a conference center (an amphitheater with a capacity of 270, 7 modular meeting facilities and 2 reception centers), several staff restaurants, a concierge and a fitness center of 1 000 m² and has also a 6 level car-park.

The property is leased to large international companies such as HSBC, Orange, Allianz and RTE.

ING, BNPP, CACIB and Natixis arranged and underwrote the structured financing, which is a 7-year, fixed rate, mortgage loan of EUR 900 million, CA CIB acting in addition as Agent. The loan was successfully syndicated and the 4 MLA/Bookrunners were joined at closing by French and German banks.