

Deutsche Bank is bringing pan-European €316m DECO 2015 Charlemagne CMBS to market before August’s summer slowdown.
The first loan, named Windmill, is a refinancing of the Windmolen loan in Deutsche Bank’s DECO 2014 Tulip CMBS. The original €125.5m Windmolen loan, made to Czech firm PPf Real Estate, is now secured by 10 office and retail assets in the Netherlands.
The Tulip CMBS repaid earlier this year.
The second loan, called Project MStar, is secured on 19 industrial assets in Germany and the Netherlands owned by the M7 Real Estate and Starwood Capital joint venture, MStar Europe.
The third loan, Project Pegasus, is secured by the Pegasus business park near Brussels. The business park is owned by Ares Management.
DECO 2015 Charlemagne’s blended margin is 278 bps. The CMBS is expected to launch next week.