At least two more agency-style CMBS deals are in the pipeline, following Deutsche Bank’s closing of the Florentia securitisation last month.
“Borrowers are looking at it,” said a former securitisation banker, adding that the collateral is likely to be assets such as German multi-family housing.
For example, German housing investor Gagfah is considering marketing a CMBS issue worth around €625m next year, according to CoStar.
Joint coordinators and advisers Uni-Credit and Goldman Sachs have been appointed to weigh up the feasibility of such a deal, or even a true-sale CMBS, to help refinance €2.08bn of debt.
Deutsche Annington could explore the CMBS route for the €1bn refinancing it needs to secure before July 2014.
Speaking at the Commercial Real Estate Finance Council Europe conference earlier this month, Nassar Hussain, founder of Brookland Partners, said there could be more than £5bn of new issuance next year.
He chaired the CREFC CMBS 2.0 committee that devised market principals for European issues, launched at the event. See Analysis, pp10-11
- HSBC, Credit Agricole and Barclays are advising ADIA on funding its £620m purchase of 42 UK Marriott hotels from RBS.