Goldman Sachs is looking to sell €550m (£432m) of loans after deciding against issuing the first post-crisis pan-European CMBS.
The four loans, two backed by retail assets in Italy, the others in Spain and Germany, were until last week set to be a multi-borrower multi-jurisdiction CMBS.
Goldman is now approaching buyers as it looks to syndicate and complete a private sale of the performing loans.
Investors, which would include MetLife, AIB, M&G and BlackRock, can buy single loans or the whole package.
The bank backed off from securitisation as an exit for the debt after investors displayed strong interest in purchasing the loans rather than bonds.
This means that Goldman does not need to structure the loans as bonds or get ratings for the debt. It also means that the disposal is likely to be concluded by the end of the year.
However, pricing for the loans will be higher than might have been achieved on a CMBS. The recent investment-grade agency £750m Westfield Stratford City securitisation reached a low for the cycle of 86 basis points.
Goldman has successfully marketed two European securitisations in the past 12 months, both backed by Italian collateral.
In November last year it launched the €363m Gallerie 2013, which comprised one loan to Morgan Stanley Real Estate Fund VII.
It followed that in July with the €198.2m MODA 2014 SRL, which was made up of two loans extended to Blackstone and secured by three shopping centres and two outlet villages.
Although Goldmans decided against a CMBS this time, rival banks are still working up new issues.
Bank of America Merrill Lynch is said to have two possible CMBS’s in the pipeline, although these are now likely to be launched in Q1 next year.
Deutsche Bank is also expected to securitise a €680m five-year loan provided to IVG.
