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Aareal €210m loan enables Tishman JV to buy Paris office

Tishman Speyer and the Public Sector Pension Investment Board (PSP Investments) have obtained a €210 million loan from Aareal Bank for the acquisition of the Espace Lumière office in western Paris suburb Boulogne Billancourt.

The asset has been bought from a fund managed by Invesco Real Estate. The 28,000 sq m building, designed by architect Christian de Portzamparc, has been occupied by Canal+ since it opened in 2000 although the media company plans to vacate the building in 2022.

“Our ambition is to make this a genuine positive destination property for its future occupiers by 2024,” said Philippe Joland, senior managing director and president of Tishman Speyer France.

The Joint Venture was advised by Etude Allez, Paul Hastings and Lacourte Raquin Tatar. Financing advisory was provided by Eastdil Secured and technical consultancy by Arcadis. Aareal was advised by Etude Allez and Archers.