FINANCE: Deutsche Bank has launched the first post-crisis securitisation backed by Netherlands real estate.
The bank this afternoon launched the €250.04m DECO 2014 TULIP CMBS, which includes two loans.
The securitisation is secured by 20 retail and office properties, with 291 tenants, in the Netherlands, with an 85.8% occupancy rate.
The loan-to-value across the 2.5m sq ft portfolio is 57.2%, implying a value of about €437m.
The CMBS is expected to mature on 27 July 2019, with a legal final maturity on 27 July 2024.
Deutsche Bank is acting as lead manager and sole bookrunner. Deutsche Bank AG, London branch will retain, on an ongoing basis, a material net economic interest of at least 5% of each class of notes.
The capital structure of DECO 2014 TULIP is:
• Class A: €170.00m, 21.2% debt yield (DY), 38.9% LTV, 4.0 WAL
• Class B: €20.00m, 19.0% DY, 43.4% LTV, 4.2% WAL
• Class C: €20.00m, 17.2% DY, 48.0% LTV, 4.2% WAL
• Class D: €20.00m, 15.7% DY, 52.6% LTV, 4.2 WAL
• Class E: €20.04m, 14.4% DY, 57.2% LTV, 4.2 WAL
bridget.o’connell@estatesgazette.com
