FINANCE: Deutsche Bank has launched the first commercial mortgage backed securitisation backed by Irish properties since the fall of Lehman Brothers.
The €175m (£126m) DECO 2015-Harp comprises three loans secured against 18 properties.
Most of the properties are in Dublin, including the residential element of Kennedy Wilson’s Central Park Dublin. However, it also includes assets in Galway and Cork.
The properties are a mix of homes, offices and shops that have an average occupancy rate of 83% and a total net lettable area of 1.5m sq ft.
The issuance will comprise four classes of notes, with LTVs ranging from 32.3% for the A class to 62.8% for the D class.
Deutsche is the lead manager and sole bookrunner on the transaction.
