Deutsche Bank and Bank of America Merrill Lynch have launched a €679.9m (£535m) CMBS secured against 29 German offices.
The portfolio’s properties cover 5.4m sq ft and are 89.2% let.
The five-year floating-rate notes are in six classes with S&P ratings from BB+ to AAA, and a 69.1% LTV for the lowest class. The debt service coverage ratio is three times.
Deutsche will retain an ongoing economic interest of at least 5% of each class of notes.
The offer is due to close in mid-December.
