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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Surveillance Credit Analyst: James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com Secondary Contact: Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com Research Contributor: Mahesh L Bodke, Mumbai; mahesh.bodke@standardandpoors.com Media Contact: Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com
Table Of Contents
Loan Maturities Loan Delinquencies, Nonmonetary Breaches, And Cures Specially Serviced Loans Ratings And Note-Level Matters Transactions And Related Publications Loan Delinquencies And Nonmonetary Breaches Data Specially Serviced Loans Data Ratings And Note-Level Matters Data Related Criteria And Research
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
The performance of commercial mortgage-backed securities (CMBS) that Standard & Poor's Ratings Services rates was mixed in 2013. At the start of the year, we expected approximately two-thirds of maturing loans to fail to repay at maturity. However, the results were more positive than we anticipated and sentiment at the beginning of 2014 is therefore better than this time last year. Loan maturities by balance outperformed our expectations in 2013, with approximately 64% of loans successfully repaying at maturity. However, loan maturity by loan count was significantly lower, with only 42% of loans scheduled to mature successfully repaying.
Loan maturity profiles by jurisdiction followed a similar pattern, with the repayment rate being higher when we consider it by loan balance, rather than loan count. Germany had the largest number of loan maturities in 2013, by both loan balance and count, followed by the U.K and France. Loans originated in Germany had a repayment rate of 71%, while those from the U.K were 57% by loan balance. But, by loan count, the U.K's repayment rate of 45% exceeded Germany's 36% rate. The better-than-expected performance of European CMBS repayment rates in 2013 was largely due to the successful
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
refinancing of loans backing large-ticket multifamily transactions, in our opinion. These loans performed better than other asset types, with a repayment rate of 95% by balance and 94% by loan count. When we review loan maturity performance excluding multifamily transactions, the results indicate a larger pool of nonperforming loans failing to repay at maturity (see chart D).
Chart B
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart C
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Our analysis shows that large multifamily transactions skewed the repayment profiles of European CMBS transactions, and when we exclude them, the percentage of loans failing to repay at maturity is far higher. These results may better indicate what to expect in 2014, as there are significantly fewer multifamily loans than in 2013. Loans backed by multifamily assets accounted for approximately 36.5% of 2013's maturing loans by balance. By contrast, this year, only 9.3% of maturing loans, by balance, are backed by multifamily assets. Without the large multifamily transactions of 2013 to support 2014's repayment profiles, we anticipate another tough year for the European CMBS sector. The information below is as of the end of December 2013, unless stated otherwise.
Table 1
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 1
Data Notes The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions, nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE CDOs]) stood at 366 at the end of December 2013. The British pound sterling and euro balances of this universe over this period were 27,296,810,442 and 23,802,182,932, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 28,993,577,141 and 25,773,667,595, respectively.
Loan Maturities
Loan maturity performance
Of the six loans that matured, borrowers fully repaid five. At the end of December, we were awaiting information on the remaining loan.
Table 2
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Loan maturity default rate and performance statistics. The maturity default rate increased to 16.11% from 14.54%.
January maturities
We expect the maturity default rate to increase in our next European CMBS monthly bulletin, as 34 loans are scheduled to mature. Of these, four have already repaid and three repaid with a loss.
Chart 1
Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of December is tracked against the total balance of loans scheduled to mature between Jan. 1, 2013 and Dec. 31, 2013. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 3
Delinquencies
Transaction Loan Jurisdiction Additions Epic (Drummond) Ltd. Hypo Real Estate Bank International AG (ESTATE UK-3) MESDAG (Charlie) B.V. Talisman-6 Finance PLC Zenon 123 775 Derrick Mango Greece Retail/car parks U.K. Germany Germany Office Office Office Maturity payment default Maturity payment default Maturity payment default Maturity payment default Asset type Comment
Cures/resolutions Talisman-5 Finance PLC Penguin France Office Extended to October 2014
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 4
Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Comment
Cures/resolved, or transferred to our delinquencies index Talisman-6 Finance PLC Epic (Drummond) Ltd. Mango Zenon Germany Office Transferred to delinquency index
Notices
In our next European CMBS monthly bulletin, we expect the number of loans in our special servicing index to increase, as 34 loans are scheduled to mature. Of these, four have already repaid and three repaid with a loss.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 4
Table 5
Cures/resolved Talisman-5 Finance PLC Penguin France Office Extended to October 2014
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 5
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 6
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 7
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 8
Table 7
Transaction Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. Hypo Real Estate Bank International AG (ESTATE UK-3) CPUK Mortgage Finance Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) Windermere XI CMBS PLC Talisman-5 Finance PLC
Loan Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. 123 775
U.K. Germany
Oct 5, 2013 Oct 10, 2013 Oct 15, 2015 Oct 15, 2014
746,322,000 84,878,000
Repaid Repaid
U.K.
76,063,415
France
Office
52,768,237
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 7
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator EHE - Pool 1A EHE - Pool B Munster Ambassador Norwich Union House Skoduv Palace Project Kennet Quadrant House Redbus Interhouse Roade One Zana Centrum Rubicon Nike Allokton Access Portfolio
U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Republic U.K. U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K.
Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office Office Mixed use Self storage
7,580,650 500,400,000 6,247,500 175,959,261 369,282,403 33,942,938 9,571,523 90,930,000 41,149,300 52,889,520 19,418,800 59,283,080 6,356,571 80,100,000 12,105,000 55,085,933 56,991,728 158,400,000
Germany Switzerland
32,452,549 89,064,819
* *
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 7
Regent Capital Starcharm Ltd. Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza LE Croissant
France U.K.
Oct 21, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2014 Nov 10, 2013 Dec 16, 2013
Nov 5, 2019 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022
2,540,100 41,180,905
France
Office
26,035,444
Germany
Retail
18,900,000
Defaulted
Italy Belgium
39,888,550 18,215,000
Defaulted Extended to November 2014 Defaulted/ In Standstill Extended to December 2013 Repaid Repaid Awaiting information
Petersbogen Project Christie Lavincino Immeo Residential Finance No.2 Ltd. Project Christie
Retail Retail
Nov 1, 2022 Apr 1, 2017 Apr 26, 2019 Dec 15, 2016 Apr 1, 2017
Retail Dec 6, 2013 Multifamily housing Retail Dec 15, 2013 Dec 16, 2013
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 7
Chart 9
Table 8
Transaction Bruntwood Alpha PLC Bruntwood Alpha PLC DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd.
Loan Bruntwoood 2000 Bruntwoood Estates Herbert House IFB and Pavia Fortress I
Asset type
Office Jan 1, 2014 Office Jan 1, 2014 Office Jan 7, 2014 Office Jan 12, 2014
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 8
Henderson - Bergen Henderson - Staples Munster Gres 1 Portfolio Loews Portier Skoduv Palace Ton Dresdner Office Portfolio LMM Overseas Investments Arcadia Capital & Regional CGG- Tambelle REDO 3 DD Karstadt Hilden Mansford Nord Bayern Woodsford MF SCN Shopping Centre LMK Overseas Investments Dresdner Office Portfolio
Germany Germany Germany U.K. Germany Germany Czech Republic Germany Germany U.K. Germany Germany Germany Germany Germany Germany Austria U.K. Germany
Mixed use Mixed use Retail Residential Multifamily housing Multifamily housing Office Multifamily housing Office Office Mixed use Retail Mixed use Retail Retail Multifamily housing Retail Retail Office
8,033,329 27,716,878 9,571,523 74,500,000 17,821,418 14,970,647 52,889,520 1,953,428 140,415,829 2,987,609 106,241,359 44,927,692 96,491,765 5,114,500 43,978,768 16,320,016 70,000,000 3,512,500 82,970,149
---Repaid Repaid with a loss Repaid with a loss -Repaid -Repaid with a loss ---------* * * * * *
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 8
Jan 22, Jul 26, 2019 2014 Jan 30, 2014 Feb 4, 2020
Germany
May 15, 2019 May 15, 2017 May 15, 2017 May 15, 2017 Oct 31, 2019 Mar 31, 2017 Apr 26, 2019 Apr 22, 2017 Apr 22, 2017 Apr 1, 2016 Apr 1, 2016 Apr 15, 2017 Apr 15, 2017 Apr 15, 2017 Apr 22, 2018 Apr 30, 2017 Apr 30, 2017 Apr 30, 2017 Apr 30, 2017
106,517,000
--
Germany
25,049,583
--
Tishman German Office Portfolio Tishman Hamburg Office Sparkasse UNITE (USAF) PLC Colombina Bruckner Hof Firefly Phoenix Devonshire House Mortgage Longacre Mortgage Westville Mortgage GSI Bardowick Cluster 1 Cluster 2 Cluster 4 & 5
Germany
244,970,571
--
Germany
51,300,000
--
Germany U.K. U.K. Germany Germany Germany Germany U.K. U.K. U.K. Germany Germany Germany Germany Germany
Office Student accomodation Office Multifamily housing Car showrooms Multifamily housing Multifamily housing Office Office Office Office Mixed use Mixed use Mixed use Mixed use
Mar 31, 2014 Mar 31, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014
8,389,436 280,000,000 120,930,000 52,695,000 7,108,603 8,825,077 2,357,678 191,924,169 111,015,515 47,666,280 35,864,284 5,175,000 11,090,764 11,668,473 16,017,965
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 8
Criterion Cobalt Urbis St Christopher Nottingham Ltd. Borehamwood Investments Ltd. and Oakdale Investments Ltd. Puma MF AOK Schwerin Centro OWG MF Gabriel NILEG MF WBN MF WGN MF Tiago World Fashion Centre Countrywide LWB Barana Portfolio
-----* *
DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC Epic (Drummond) Ltd. Deco 17 - Pan Europe 7 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd.
Germany Germany Germany Germany Germany Germany Germany Germany Germany The Netherlands Germany Germany Switzerland
Multifamily housing Office Retail Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Office Retail Retail Multifamily housing Office
Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014
135,443,864 27,056,253 711,990,245 86,481,676 79,863,750 70,300,710 188,765,719 206,523,844 95,243,464 88,242,479 331,387,978 133,312,623 67,286,813
Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, Jul 27, 2020 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Jan 27, 2018 Jan 27, 2018 Jan 25, 2022
Apr 21, Jul 27, 2020 2014 Apr 30, 2014 Apr 30, 2014 Apr 30, 2014 Feb 4, 2020
Matran Portfolio
Switzerland
Retail
Feb 4, 2020
44,138,900
Repaid
Saturn Portfolio
Germany
Retail
Feb 4, 2020
24,055,022
--
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 8
France
Retail
17,880,000
Repaid
Mixed use
692,666,987
Repaid
26
Retail
Jun 26, Jul 25, 2018 2014 Jun 30, 2014 Jul 1, 2016
44,000,000
Repaid
---Repaid *
Jul 10, Jul 10, 2017 2014 Jul 15, Jul 15, 2017 2014 Jul 15, Jul 15, 2016 2014 Jul 20, 2014 Apr 1, 2018
Mansford OBI Large AFI Mansford Edeka PGREI Portfolio Skyper-Alkmene Fleet Street Finance Two PLC Iron Mountain City Point
Retail Mixed use Retail Retail Office Retail Distribution warehouse Office
----Repaid -Repaid -*
Jul 20, Jul 27, 2020 2014 Jul 20, Jul 27, 2020 2014 Jul 20, Jul 27, 2017 2014 Jul 20, Nov 1, 2019 2014 Jul 20, Jul 26, 2017 2014 Jul 20, 2014 Apr 24, 2024
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 10
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 11
Table 9
Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 January 2011 January 2012 April 2011 April 2013 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes
Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC
Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office BHP Deutsche Bahn Eschborn German Retail Portfolio I
Asset type Office Retail Retail Office Retail Office Office DIY
Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
Car service workshops Mixed use Retail Retail Retail Mixed use Office
140 202
U.K.
Office
No
EHE - Pool B MONHEIM Petersbogen Derrick Dutch Offices I Dutch Offices II Fern Trustee 1 Ltd and Fern Trustee 2 Ltd. Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail
November 2013 October 2012 November 2013 December 2013 January 2012 January 2013 October 2013 January 2013 October 2013 November 2012 January 2013
Germany Germany Germany Germany The Netherlands The Netherlands U.K. Ireland Germany Germany
Mixed use Office Retail Office Office Office Office Office Retail Retail
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Rive Defense
France
Office
No
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
Italy
Mixed use
Yes
DT-12 Valentine Reindeer Fish Monkey Apple Coconut Orange Peach Pineapple Mango Bach Brahms Handel Haydn Schubert Wagner Bremen (Haven/Project Norman) Bewag Berlin Portfolio Walzmuhle Portfolio Triumph
Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Office Mixed use Mixed use Mixed use Mixed use Retail Office Retail Retail Multifamily housing Office Office Office Mixed use Office Office Office Retail Office Retail Retail
Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Leipzig
Germany
Office
Yes
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd.
Twin Squares (Prater) Quartier 206 Shopping Centre Libra Caprice Nantes Six Hotels Toy Box Bacchus Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator
May 2011 April 2010 January 2009 January 2012 October 2011 January 2012 July 2013 August 2009 October 2013 October 2013 January 2012 July 2013 October 2013
Belgium Germany U.K. Germany France Germany Germany U.K. U.K. U.K. U.K. U.K. U.K.
Office Retail Healthcare Retail Office Hotel Office Industrial Office Office Industrial Distribution warehouse Office
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 9
France
Office
Yes
Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default
Germany
Office
Yes
Germany
Retail
Yes
November 2013 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013 January 2009 October 2012 January 2013 September 2011 January 2010
Germany
Retail
Yes
France
Office
Yes
Tishman German Office Portfolio Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte
Germany
Office
No
Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands
Mixed use Office Office Office Retail Retail Office Office Office Retail Office
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 10
*According to our data at the end of December 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 13
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Chart 14
Table 11
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
Mapeley Gamma
U.K.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
Starcharm Limited
U.K.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) Arcadia
U.K. U.K.
DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC
U.K. Germany
DD Karstadt Hilden
Germany
Retail
Germany
Mixed use
Mansford Nord Bayern Main Plus Retail Mayne Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Limited Elbank Limited Fairhold Portfolio Swiftgold Limited Rowan UK Commercial
December 2012 July 2011 January 2012 October 2013 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010
Germany Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K.
Retail Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
Office Deutsche Bank AG and Hatfield Philips International Ltd. Retail Retail/car parks Nursing home Office Office Office Mixed use Multifamily housing Distribution warehouse Multifamily housing Mixed use Mixed use Office Nursing homes Office Car service workshops Mixed use Retail Retail Retail Royal Bank of Scotland Royal Bank of Scotland Capita Assets Services (UK) Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd. Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC, London branch Capita Assets Services (UK) Ltd. Capita Assets Services Morgan Stanley Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
Workspace Portfolio EHE - Pool 1A EHE - Pool B Monheim Neumarkt Petersbogen Derrick Dutch Offices I Dutch Offices II Carlton Fern Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail Aprirose Munich Thun Aprirose Retail Bonndorf Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish
U.K. Germany Germany Germany Germany Germany Germany The Netherlands The Netherlands U.K. U.K. Ireland Germany Germany Germany Germany Italy Italy Germany Germany Germany Germany
Distribution warehouse Retail Mixed use Office Retail Retail Office Office Office
Capita Assets Services (UK) Ltd. Capita Assets Services Capita Assets Services Barclays Capital Mortgage Servicing Ltd. Capita Assets Services (UK) Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Mixed use CB Richard Ellis Loan Servicing Ltd. Office CB Richard Ellis Loan Servicing Ltd. Office Retail Retail Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Eurohypo AG, London branch Eurohypo AG Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 11
Table 12
Transaction Cornerstone Titan 2007-1 PLC DECO 14 - Pan Europe 5 B.V. DECO 7 - Pan Europe 2 PLC
Loan German Retail Portfolio III Whole Transaction-level notice Transaction-level notice
Other Other
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 12
Treveria I
Standstill agreement
Titan Europe 2006-3 PLC Fordgate Commercial Securitisation No. 1 PLC Titan Europe 2006-3 PLC Silenus (ELOC No. 25) Ltd. DECO 17 - Pan Europe 7 Ltd. Cornerstone Titan 2007-1 PLC
Transaction-level notice
Notice regarding reminder of the proposed conference call with noteholders, intended to be held on Wednesday 11 December 2013 at 10:30 (London time). Notice that the French issuer servicer has received an irrevocable notice from the French borrower informing that the Antony Parc Office loan will repay in full on 10 December 2013. Notice that the 2013 Valuation was received by the issuer special servicer on 7 November 2013. According to the 2013 valuation, the market value of the Portfolio, as at 7 November 2013, was 8,390,000.
Mansford Edeka
Valuation
HUGO Properties
Valuation and Notice that the standstill period has been extended pursuant to an standstill agreement dated 13 November 2013 and made between (amongst others) agreement the Hugo borrower, the servicer and the special servicer, and will expire on 19 February 2014. Also the special servicer received an updated valuation in respect of the HUGO Properties from Savills PLC which shows a further reduction in the value of the HUGO Properties. Redeemed Standstill agreement Repaid Notice that all classes of notes will be redeemed on the interest payment date falling 3rd February 2014. Notice that the standstill agreement has been extended until 15 January 2014. Notice that in the course of the sale of the portfolio, the borrowers prepaid the loan, securitized in the Opera Germany (No. 3) Ltd. CMBS, on 5 December 2013. Notice that the Lavincino reference obligation was repaid in full on 6th December 2013 being the scheduled maturity date of the loan. Notice regarding documents that are discussed and a recording of the meeting. Notice regarding restructuring of the Ashbourne portfolio whole loan. Notice that a servicing transfer event has occurred in respect of the Hof loan.
Opera Finance (Metro Centre) PLC Silenus (ELOC No. 25) Ltd. Opera Germany (No. 3) Ltd. Prominent CMBS Conduit No. 2 Ltd. GEMINI (ECLIPSE 2006-3) PLC EQUINOX (ECLIPSE 2006-1) PLC Talisman-7 Finance Ltd.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 12
Property sales
Titan Europe 2006-3 PLC Talisman-5 Finance PLC Silenus (ELOC No. 25) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2006-3 PLC Fleet Street Finance Three PLC Windermere XII FCC Opera Germany (No. 2) PLC Windermere XIV CMBS Ltd. LORDS No. 1 PLC Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Talisman-7 Finance Ltd. Fordgate Commercial Securitisation No. 1 PLC DECO 14 - Pan Europe 5 B.V. Windermere XI CMBS PLC Epic (Drummond) Ltd. Talisman-7 Finance Ltd.
Property sales
Notice that a sale and purchase agreement was entered into and notarized on 7 December 2013 in respect of the stage property underlying the loan. The sale price for the stage property was 13,800,000. Notice that the loan maturity date of penguin whole loan has been extended to 15 October 2014. Notice that the Antony Parc Office loan was repaid in full on 10 December 2013. Notice that the standstill agreement has been extended until 20 January 2014 in respect of Babcock portfolio loan. Notice regarding an audio and PDF file of the presentations given during the conference call on 11 December 2013. Notice that the borrowers have requested that the special servicer extend the currently existing standstill period in relation to the Blue Star whole loan to 21 April 2014. Notice informing meeting of the noteholders on 20th December 2013. Notice informing liquidity facility reduction. Notice that the Haussmann property has been sold and the net disposal proceeds are sufficient to repay the Haussmann loan in full on the upcoming interest payment date in January 2014. Notice informing reinstate of the rating of the class A and B notes. Notice that the sale of the Times Square property concluded on 18 December 2013.
Extended Repaid Standstill agreement Other Standstill agreement Noteholder meeting Other Repaid
Standstill Notice that the special servicer has entered into a new standstill agreement agreement with the Dundee borrower for the period expiring on 17 March 2014. Property sales Notice that a sale and purchase agreement was entered into with effect as of 15 December 2013 and the sale price for the Brahms property was EUR23,400,000. Notice that the standstill agreement has been extended until 31 December 2013.
Transaction-level notice
Standstill agreement
Arcadia
Property sales
Notice that a sale and purchase agreement was notarized on 10 December 2013 in respect of a retail property located in Wiefelstede. The sale price for the Wiefelstede Property is 625,000. Notice that the Devonshire House Whole Mortgage loan has fully repaid on 17 December 2013. Notice regarding notification of an RIS notice on the Zenon Real Estate reference obligation. Notice that a sale and purchase agreement was entered into on 25 October 2013 in respect of the property located at Steinsche Gasse 29, Duisburg underlying loan and on 10 December 2013 in respect of the Friedrich Ebert Platz 17, Leverkusen property securing the loan. The gross sale price agreed for the property in Duisburg SPA was 340,000 and for the property in the Leverkusen SPA was 1.
Devonshire House Whole Mortgage Zenon Real Estate Reference Obligation Mozart Whole
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 12
Cornerstone Titan 2005-1 PLC Fleet Street Finance Two PLC Opera Germany (No. 2) PLC Epic (Brodie) PLC
Jubilee Way Shopping Centre Transaction level Notice Transaction level Notice Transaction level Notice
Property sales
Cornerstone Titan 2007-1 PLC Windermere XIV CMBS Ltd. European Property Capital 3 PLC Talisman-5 Finance PLC Titan Europe 2006-1 PLC
Zana Centrum
Transaction-level notice
Randstad
Other
Other Notice that on 3 December 2013 insolvency proceedings were opened with regard to the Tiden portfolio borrowers and the preliminary administrators were confirmed as insolvency administrator of the Tiden portfolio borrowers. Other Notice that the Carat Park Shopping Centre Borrower filed for voluntary bankruptcy on 18 December 2013 and the bankruptcy of the Borrower has triggered a material loan event of default. Notice that the borrower and the lenders have completed restructuring of the Ashbourne portfolio whole loan . Notice that the Toom DIY borrowers were granted a standstill until and including 31 January 2014. Notice that the standstill agreement has been extended until 14 January 2014.
Titan Europe 2006-5 plc HERCULES (ECLIPSE 2006-4) PLC DECO 10-Pan Europe 4 PLC Fordgate Commercial Securitisation No. 1 PLC Windermere X CMBS Ltd.
Carat Park Shopping Centre Ashbourne Portfolio Whole Toom DIY Transaction-level notice
Restructured
Tresforte
Property sales
Notice that pursuant to the sales process a sale and purchase agreement was signed by the Tresforte obligors as sellers and Solidiam N.V. as the purchaser of the remaining Tresforte properties in December 2013. The purchase price payable under the sale and purchase agreement is EUR8,550,000.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 13
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 13
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 13
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Table 13
*Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity obligations, we have reintroduced them to our index for completeness.
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European CMBS Monthly Bulletin (January 2014): Repayment Rates May Suffer Due To Fewer Maturing Multifamily Loans
Use Of CreditWatch And Outlooks, Sept. 14, 2009 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009 Framework For Credit Analysis In European CMBS Transactions, June 21, 2007 Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006 Technical Challenges In European CMBS Structures, Feb. 16, 2006
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