...Positive Performance Expected to Continue: The collateral performance of the largest German multifamily housing (MFH) transactions has remained stable to positive over the last 12 months. This is visible in increasing rental levels, stable vacancy rates and cost ratios that are within Fitch Ratings' expectations. We expect this trend is expected to continue in the coming quarters due to Germany's stable economic environment. Mergers Consolidate Market: The German MFH market has seen a number of large mergers over the last 12 months, with the most prominent being the Deutsche Annington (DAIG) takeover of Gagfah group (sponsor of GRF 2013-1, GRF2013-1 and Taurus (GMF)). Further market consolidation was expected after Deutsche Wohnen took over GSW Immobilien in 2013, and this trend is expected to continue. Strong Refinancing Activity: Florentia, the first German post-crisis MFH transaction, was refinanced in September 2014 following a takeover of the sponsor, Vitus, by market leader DAIG....
