

Goldman Sachs has postponed its €182.5m REITALY CMBS, the securitisation of a loan to Apollo Global Management for a portfolio of 25 Italian retail assets.
The five-tranche Italian deal was due to be priced this week.
It is the second CMBS launch to be postponed in the past two months.
Royal Bank of Scotland delayed its £170m five-year Antares 2015-1 CMBS in April because of poor market response. Antares is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
RBS released the price guidance but a lack of interest put pressure on its pricing. There is still no date for relaunch.
REITALY was to be the sixth Italian CMBS to be launched post-crisis. It follows two others arranged by Goldman, in 2013 and 2014 (Gallerie 2013 and Moda 2014), one last year from Deutsche Bank (DECO 14 – Gondola) and two this year, from Banca IM/Cairn Capital and Bank of America Merrill Lynch.
Goldman Sachs provided the original €191.5m loan to Apollo’s Italian REITALY fund which is managed by AXA Real Estate Investment Managers and which bought the assets, originally for €290m of equity, from Olinda Fondo Shops, a listed fund managed by Prelios.
The portfolio comprises five large retail assets, each with a cinema, five cash-and-carry properties, three retail galleries, five retail warehouse and seven shops. They are located across Italy and have a combined market value of €292.3m.
In its pre-sale report, ratings agency Fitch said UCI Cinemas Group provides 21% of the total rental income and the portfolio includes its Milan flagship, the Pioltello IMAX complex. Almost half the contracted rental income expires by loan maturity in 2020.
The five-year loan is subject to a 20% amortisation target by 2018 and 30% by 2019, due to be met by asset sales.