Blackstone is close to securing a €530m ($615m) loan from Société Générale to fund its €700m acquisition of the landmark Trocadéro office building in central Paris, the largest single-asset office financing in Europe since 2022, according to Bloomberg.

The facility, arranged and partly underwritten by Société Générale, is expected to close in November. It carries an all-in cost of about 4%, with a margin of under 2%, according to people familiar with the terms.

The deal underlines renewed bank appetite for large-scale office lending after nearly two years of subdued activity. It also reinforces Blackstone’s conviction in prime European office assets, following a prolonged slowdown triggered by higher interest rates.

Blackstone acquired the 41,000 sqm Trocadéro building from Germany’s Union Investment last month, a transaction that signalled improving sentiment in the Paris real estate market. The property includes offices, retail space, and residential units near the Eiffel Tower.

Other major investors are also moving to capitalise on improved liquidity in the sector. Singapore’s GIC and JPMorgan Asset Management are seeking a buyer for Frankfurt’s Openturm Tower, while Invesco is marketing the Capital 8 office complex near Parc Monceau in Paris.

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