Fund manager La Fran莽aise REM has concluded the second transaction for its senior debt fund, LFP Cr茅ances Immobili猫res.
Fund manager La Fran莽aise REM has concluded the second transaction for its senior debt fund, LFP Cr茅ances Immobili猫res.
La Fran莽aise REM, which is majority-owned by Cr茅dit Mutuel Nord Europe, said it has arranged a 鈧�60 mln mortgage with a term of seven years, backed by a portfolio of assets owned by Fonci猫re des Murs, the hospitality arm of French office giant Fonci猫re des R茅gions.
The deal follows the purchase in February of a 鈧�20 mln five-year financing reflecting a loan-to-value of 50%. La Fran莽aise REM also secured 鈧�150 mln of equity for the fund in February.
LFP Cr茅ances Immobili猫res is dedicated to institutional investors and is targeting a size of 鈧�400 mln, the manager said in a statement.
Initially, the equity will be invested exclusively in senior debt backed by French commercial real estate with a core/core plus profile. The target gross return for investors is 250-350 basis points.
The fund launch earlier this year followed the establishment of a debt platform in June 2012 when the company poached Athema Corporate Finance's team led by head of structured finance Bertrand Carrez.
La Fran莽aise REM was advised by law firm Lef猫vre Pelletier & Associ茅s and notaries Allez & Associ茅s on this deal.
