pbb Deutsche Pfandbriefbank has agreed to a €54m development loan to Codic International, €20m of which has been subsequently syndicated out to FCT SCOR Real Estate Loans. The 3-year facility will provide funds for the development of a 25,000 sqm office building in Bagneux, in southern Paris. The building has been partially pre-leased. The Belgian developer is focusing a great deal of its activities on France.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are proud to have completed our first financing with Codic, an experienced international real estate property developer. This transaction demonstrates pbb’s appetite for funding development in the Paris region, backing professional players.”
