Offices

The alternative asset manager prefers office renovation projects to demolition plans, according to its head of UK real estate investment.

The refinancing of 32 Rue Blanche in Paris’ ninth arrondissement was secured by Toronto-based investor Oxford Properties following its renovation.

The company says five-year lending rates saw a ‘material decrease’ as central banks’ easing cycle began during the third quarter.

The five-year debt facility has been provided by three of the four lenders that provided a €900m loan against the Paris office complex in 2017.

The debt secured on the 36-storey office building is due to be repaid in January 2025.

The office sector may not have the best reputation currently, but it is still attracting large volumes of real estate lender capital, indicative data compiled by Real Estate Capital Europe shows.

Fora's refinancing was partially provided by a CMBS underwritten by Bank of America.

The subordinate loan was part of the €720m refinancing led by US bank Citi of Finnish flexible office operator Technopolis.

The chief executive of the Frankfurt-headquartered bank said he has not seen the recovery in 2024 he had expected.

The insurer has secured an 11th-hour extension to a securitised loan after agreeing to provide equity as part of a refinancing package.