Situs has been appointed Primary and Special Servicer on Gagfah’s circa €700m (£592m) new German residential securitisation.
The global real estate advisory takes responsibility for the new €699m German Residential Funding 2013-2 Limited securitisation.
The CMBS issuance, arranged by Bank of America Merrill Lynch and Deutsche Bank for the German listed multifamily housing company, provides for the refinancing of three sub-portfolios within Gagfah’s stable comprising the €367.5m WGN loan, €350.2m WBN loan and the €1.07bn NILEG Residential loan.
The German Residential Funding Limited 2013-2 comprises 29,0296 rental units across Germany (the Quadriga Portfolio) representing approximately 1.4m sq m (15m sq ft) of lettable space.
The Quadriga Portfolio is located across Northern Germany, the former West Germany and Berlin and benefits from a stable tenant base with a current weighted average tenancy term of approximately 12.7 years. The aggregate value of the Quadriga Portfolio is in the region of €1.19bn.
Bruce Nelson, Chief Operating Officer of Situs said: “This latest appointment increases our new servicing mandates in 2013 to £3.3bn and further demonstrates our expertise and deliverability of refinancing through securitisation.
“Working with Bank of America Merrill Lynch and Deutsche Bank we are focused on providing increased flexibility and innovation to construct new structures to achieve maximum results in the international real estate debt market.”
Bridget.O’Connell@estatesgazette.com
