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SHIFT CAPITAL advises JP Morgan on refinancing Osmose
J.P. Morgan completes the refinancing of Osmose. The asset manager, supported by Shift Capital according to our information, has raised a €66.7m line from an undisclosed international bank for its managed European Opportunistic Property Fund IV
Refinancing Osmose
The 16,700 square metre core complex in Arcueil, which houses the headquarters of Atlantic among other companies, has won over an international bank, which is providing €66.7m for this asset valued at around €110m in 2019.
J.P. Morgan completes the refinancing of Osmose. The asset manager, supported by Shift Capital according to our information, has raised a €66.7m line from an undisclosed international bank for its managed European Opportunistic Property Fund IV. According to our sources, the Osmose project, which will be acquired on a build-own-rent basis in 2019 for around €110m (or €7,000/m²), comprises 16,700 square metres of Breeam Very Good, NF HQE, Effinergie and Wired Score Platinum office space. It features 2,260 square metres of outdoor space, including 1,000 square metres of terraces and balconies. Let in its enirety to three tenants, the building was chosen by Atlantic to house its new head office. Well before the crisis hit, the lessee committed to 8,000 square metres. The remainder of the space was offered four years ago at an annual rent of €315 per square metre, offering a potential yield of around 4.5%. The scheme, in which Axa has been an investor since acquiring the plot in question from Sadev 94 at the outset of the project, was developed by Ideve (Immobilière de Développement) following designs by Arte Charpentier Architectes.