All Opera (Uni-Invest) class A CMBS noteholders who were eligible have taken up notes in a new deal, Utrecht Funding, backed by the same properties.
A few investors did not take up the notes because they were not entitled to do so, according to a financial adviser on the deal.
Utrecht Funding, established by TPG Capital and Patron Capital, was approved by a Dutch court earlier this month.
Class A noteholders accepted Patron and TPG’s credit bid for the non-performing securitised debt in April for €358.8m.
Class A noteholders that did not want to take up the new notes had the option to pocket an additional cash sum equal to 35% of the principal amount outstanding of their notes.
This was in addition to a 40% initial paydown for all class A noteholders. Holders of €243m in class B, C and D notes received nothing. Patron and TPG will look to sell assets with five-year-plus leases, and let vacant properties.