Acofi Loan Management Services, the debt fund platform of the French financial services firm, has closed its first two senior debt loans with Hines Global REIT and Patron Capital in the last three weeks and expects to complete a third by early August.
Former Morgan Stanley executive director in the commercial real estate structured finance division, Raphaël Brault raised €280m for Acofi’s senior debt fund – called Predirec Immo Fund – in November last year.
By the closure of its third loan early next month, a total of €131m of capital will have been allocated reflecting just under half the maiden fund.
Acofi’s next deal is part of a three-lender club loan, in aggregate worth €200m, of which Predirec Immo Fund is underwriting €55m, secured against a Paris office.
Brault, who was latterly head of France, Benelux, Spain at Morgan Stanley before leaving in June 2012 to set up the Acofi senior debt fund, expects to invest the reminder of the maiden senior debt fund over the next seven months, and then begin capital raising for a successor fund from next Spring.
The Predirec Immo Fund’s first loan was as part of the two-lender financing for Hines Global REIT’s €126.5m acquisition of Perspective Défense, an office building in Paris, from AXA Investment Managers.
A six-year €70m senior loan was provided equally between Acofi’s Predirec Immo Fund and La Française REIM’s maiden senior property debt fund, priced at 250 basis points over three-month EURIBOR. The LTV was 55.3%.
Perspective Défense comprises 289,670 sq ft of rentable area, entirely leased to two tenants
The Predirec Immo Fund’s second loan was the five-year €41m senior loan financing of Patron Capital Partners and Cleaveland Asset Management’s joint venture circa €63m acquisition of a 20,000 sq m office complex in Malakoff, in the south of Paris, from a subsidiary of a Centuria Capital fund.
Acofi’s €41m senior loan, reflecting a 65% LTV, was priced at around 275bps three-month EURIBOR.