CMBS

The commercial mortgage-backed securitisation is the largest European CMBS deal since 2021. 

The manager needs time to complete a plan to upgrade thousands of assets.

The Toronto-based manager wanted to find a buyer for the London office tower by 20 January, prior to the expiration of the underlying commercial mortgage-backed securities loan.

China Life Insurance, one of the building’s sponsors, agreed to provide £192m of equity following a statement earlier this month it would not be able to do so.

Noteholders and lenders have voted to extend senior and mezzanine facilities, due to mature on 16 September, on seven office assets near the country’s two main cities

The debt secured on the 36-storey office building is due to be repaid in January 2025.

Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.

The manager previously secured an extension to another loan for its Sponda platform in Finland.

The special servicer has accepted a bid for the underlying assets, which were hit by the crisis in UK retail.

A UK logistics deal, sponsored by Blackstone, has become the market’s first issuance of the year.