TwentyTwo Credit I has invested in a mezzanine bond financing for the Resonance office development by CODIC group
TwentyTwo Real Estate (“the Company”) is pleased to announce that TwentyTwo Credit I, an investment vehicle managed by the Company, has partnered with CODIC and Deutsche Pfandbriefbank to fund a circa 24,000 sqm office development named “Resonance” located in Bagneux, France.
TwentyTwo Credit I provided CODIC with €24 million mezzanine bond financing, while Deutsche Pfandbriefbank provided a €50 million senior financing facility.
The Resonance development is located in the “Victor Hugo” regeneration area of Bagneux, in the southern outskirts of Paris, which will benefit from the “Grand Paris” infrastructure. The property will offer large attractive floor plates of circa 3,000sqm while boasting the latest environmental credentials. Neopost has already agreed to lease about a third of the property on completion.
CODIC is a Belgian real estate development company founded in 1970 focusing on multifunctional projects such as office buildings, business parks and shopping centres. It has expanded its business to France which is now one of its main development markets.
Daniel Rigny, founder of TwentyTwo Real Estate said: “We are pleased to support CODIC to develop this high quality property. This second investment by TwentyTwo Credit I is consistent with our strategy of making investments in commercial real estate benefiting from structural capital protection and attractive return expectations”.