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Lone Star Buys Coeur Defense in Paris Before $2 Billion Deadline

Lone Star Funds agreed to buy Coeur Defense, the most expensive Parisian office complex, as the building’s owners face a July deadline to repay about 1.5 billion euros ($2 billion) of debt.

Lone Star Real Estate Fund III is acquiring the building by purchasing LB Dame SCA, according to a statement from Windermere XII FCC, the issuer of commercial mortgage-backed securities secured by the offices.

Lehman Brothers Holdings Inc. issued the notes in 2007 to help finance the 2.11 billion-euro acquisition of the property in the La Defense financial district. The U.S. bank collapsed in September 2008 and the building’s owners then filed for protection from creditors in France.

The Court of Appeal of Versailles ruled last year that the loan underpinning the CMBS must be repaid in July. If the sale isn’t implemented by then, the borrower of the debt may be placed in judicial liquidation, according to a Jan. 14 report from Fitch Ratings.

The building may sell for about 1.3 billion euros, according to a Dec. 13 statement from Windermere XII.

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