The property, initially acquired through distressed debt, has been refinanced with a senior mortgage facility provided by French bank BRED
TwentyTwo Real Estate (“the Company”) is pleased to announce the refinancing of French office property “Optima”, located in Ivry-sur-Seine, France, which is managed by the Company.
In May 2014, TwentyTwo Credit I, an investment vehicle managed by the Company, acquired a non-performing mortgage loan secured by the c. 13,000 sqm Optima office property. In April 2015, the property was acquired following a loan-to -asset swap through a dedicated entity managed by the Company.
Following active asset management which increased occupancy, the Company partially refinanced the property by securing a €15 million senior mortgage facility provided by French bank BRED.
Daniel Rigny, founder of TwentyTwo Real Estate commented:
“This successful turnaround exemplifies our capability to quickly resolve distressed debt situations and improve property value through active asset management.”
