Allianz provides €400m loan to JPMAM fund for Paris offices

Allianz Real Estate has confirmed to PropertyEU that it is refinancing two office buildings in Paris for a total of €400 mln.

The two loans were provided with a single facility and will be used by landlord, a fund advised by JP Morgan Asset Management (JPMAM) to refinance Avant Seine, located in the Paris Rive Gauche office market; and Hoche, situated in Paris Central Business District.

Combined, both assets represent almost 53,000 m2 of prime office space.

JPMAM bought the properties in 2012 from French REIT Eurosic for around €508 mln. The purchase was made on behalf of the Hong Kong Monetary Authority.

52 avenue Hoche, a 10,982-m2 office building located in the 8th arrondissement, serves as the Paris headquarters of law firm Allen & Overy. Avant Seine is a 43,367 m2 office building located in the 13th arrondissement, is fully let to the French bank BPCE.

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