Deutsche Bank priced the €316.1m DECO-2015 Charlemagne CMBS, the pan-European multi-borrower transaction, in a busy Friday afternoon in European commercial real estate securitisation.
While Deutsche Bank closed Charlemagne at a blended note coupon that was 218.2 bps over three-month Euribor, reflecting an excess spread of 59.8 bps excluding costs, Goldman Sachs closed its £646m Logistics UK 2015 plc CMBS, secured by a 42-strong UK logistics portfolio owned by Blackstone’s Logicor, pricing the junior notes below par.
Meanwhile, Deutsche Bank also cleansed noteholder knowledge of metrics surrounding its attempted refinancing of the Gallerie 2013-1 CMBS in a transaction dubbed Crescendo.
The five-year DECO-2015 Charlemagne transaction is secured by a portfolio of 37 offices, industrial properties and retail assets with a combined value of €492.2m, reflecting a portfolio LTV of 64.2%, seperately owned by PPF Real Estate Holding, MStar Europe and Ares Management.
Charlemagne was priced as follows:
CLASS €m S