Bank of America Merrill Lynch (BAML) has securitised a £211.5 mln (€265 mln) loan issued to Apollo Global Management.

Bank of America Merrill Lynch (BAML) has securitised a £211.5 mln (€265 mln) loan issued to Apollo Global Management.

The original loan was made as part of the €440 mln deal that saw Apollo buy the ‘Project Moon’ portfolio of around 135 assets from insurer Aviva in December 2013.

The notes will be the third commercial mortgage-backed securities (CMBS) to be sold in Europe this year, according to data compiled by Bloomberg.

Earlier this month, Morgan Stanley provided a £350 mln (€430 mln) facility to enable The Mall Fund, owner of six UK shopping centres, to repay CMBS bondholders.

And in May, Australian mall giant Westfield was reported to be considering a £550 mln (€680 mln) CMBS secured against its shopping centre in Stratford, East London.

Market experts say the latest BAML deal with Apollo is unusual because the debt is linked to multiple properties rather than to a single trophy asset.