Frankfurt-based real estate bank Eurohypo has issued EUR 550 mln of commercial mortgage backed securities (CMBS). The transaction is Eurohypo's 3rd under its programme Opera Germany and the 15th under the overall Opera programme, which has a total issuance volume of EUR 8.7 bn.

Frankfurt-based real estate bank Eurohypo has issued EUR 550 mln of commercial mortgage backed securities (CMBS). The transaction is Eurohypo's 3rd under its programme Opera Germany and the 15th under the overall Opera programme, which has a total issuance volume of EUR 8.7 bn.

The securities issued under Opera Germany No.3 are rated AAA and AA by Standard & Poor's and AAA by Fitch Rating. Citigroup and Bayerische Hypo- und Vereinsbank acted as joint bookrunners in the issue.

The transaction was secured on a single 10-year loan to nine German borrowers, who are ultimately sponsored by Austrian property company CA Immobilien. In December, Eurohypo confirmed it was providing EUR 550 mln financing to CA Immo for the acquisition of the Leo II portfolio from the German state of Hesse in a sale-and-lease-back agreement. The portfolio consists of 36 state-owned properties and 170 homes, valued at EUR 770 mln. The properties are leased back to the Federal State of Hesse under a 30-year lease.