Tishman Speyer has obtained a ten-year property financing facility from German bank Helaba which will partly finance the acquisition of a Paris office property.
Unusually, the facility is community-impact linked.
Tishman Speyer is acquiring the 19,000 sq m Les Magasins Généraux on the waterfront at Canal de l’Ourcq in the Pantin area of Paris on behalf of the €1.1 billion Tishman Speyer European Core Fund.
Under the terms of the credit facility Helaba will partially waive its remuneration and Tishman Speyer will make a matching contribution to a charity the Fondation de l’Assistance Publique–Hôpitaux de Paris. The foundation was established to support medical research and improve the treatment and quality of care for patients, as well as working conditions for healthcare providers at 39 public hospitals and Tishman Speyer said the selection was made in view of the Covid 19 pandemic.
Explaining that it “makes concerted efforts to bring tangible benefits to the local communities in which it operates,” the firm said in a statement that this is why it has chosen charities to support the extension of health and wellbeing beyond its own properties.
The Tishman Speyer European Core Fund, which has €1.1bn in assets under mamagement including property in London, Paris, Frankfurt, Berlin, and Hamburg, promotes environmental and sustainable characteristics under Article 8 of the European SFDR regulations.