Credit Agricole CIB and Deutsche Bank are believed to be marketing a single-tranche securitisation of a £750 mln (€950 mln) senior loan backed by the £2 bn Westfield Stratford City shopping centre in London.

Credit Agricole CIB and Deutsche Bank are believed to be marketing a single-tranche securitisation of a £750 mln (€950 mln) senior loan backed by the £2 bn Westfield Stratford City shopping centre in London.

The new five-year CMBS is expected to mature in August 2019 and will replace an existing £550 mln senior loan provided by banks Eurohypo, HSBC and CA CIB in August 2011 and due to mature in July 2016.

Westfield Stratford City, Europe’s largest urban shopping and leisure destination with 1.9 million sq ft, is 50% owned by Westfield Corporation, with Canada Pension Plan Investment Board (CPPIB) and Dutch pension fund manager APG each holding a 25% interest.

It is the second securitisation of a retail asset in the UK in the past two months. In June, Bank of America Merrill Lynch (BAML) 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.