Cairn works with Eurohypo to rewrite Irish Opera CMBS

Eurohypo has hired Cairn Capital to advise on options for Ireland’s first CMBS deal, which is four months from loan maturity.

The €375m Opera Finance (CMH) CMBS is backed by 16 office and retail assets, mainly  in Dublin, valued at €500m in December 2005. The largest property is the 145,000 sq ft Stillorgan shopping centre.

Eurohypo arranged the deal and is the servicer; Anglo Irish provided junior debt. Borrower Castle Market Holdings is owned by Real Estate Opportunities and connected to Treasury Holdings through common equity.