LEO - MESDAG B.V. (Netherlands CMBS) - Performance Report - 2009/11/05 - Fitch Research

Report title: LEO - MESDAG B.V. (Netherlands CMBS)

from Fitch Research
5 page (2283 word) report published Nov 05, 2009

Price $275.00 available for immediate download

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...LEO MESDAG B.V. is a securitisation of a single interestonly commercial mortgage loan originated by NIBC Bank N.V. (rated `BBB'/Outlook Stable/`F3'), which closed in September 2006. The interestonly loan consists of two facilities: the class A to E notes reference the EUR1.0bn senior facility; whilst the unrated class Y notes reference the EUR50m subordinated facility. The senior facility is scheduled to mature in August 2016, whilst the subordinated facility matures a year later. Legal final maturity of the bonds is December 2019 (other than the class X, which matures in 2016). The loan is secured against a portfolio of 70 department stores and three car parks located throughout the Netherlands. Excepting the partial sale of a De Bijenkorf property in June 2009 which resulted in EUR1.95m being placed in the disposal proceeds account the collateral is unchanged from closing. The properties are fully occupied by three brands ¡ Bijenkorf (21.4% of rent), V&D (35.0%) and Hema (43.6%) ¡...

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LEO-MESDAG B.V. (Netherlands CMBS) $55.00
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Fitch Assigns LEO - MESDAG B.V. Expected Ratings $85.00

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