Special servicer Hatfield Philips is to auction the Quelle mixed-use complex in the German city of Nürnberg after its owner defaulted on EUR 110 mln of debt backing the asset. 'The special servicer applied to the competent court for the commencement of a compulsory auction of the Quelle Nürnberg property,' it said Friday in a statement.
Special servicer Hatfield Philips is to auction the Quelle mixed-use complex in the German city of Nürnberg after its owner defaulted on EUR 110 mln of debt backing the asset. 'The special servicer applied to the competent court for the commencement of a compulsory auction of the Quelle Nürnberg property,' it said Friday in a statement.
Built in 1953 and renovated last in 2000, the asset at Fürtherstrasse provides 242,000 m2 of warehousing, office and retail space fully let to Quelle, part of German retailer Karstadt Quelle, on a lease expiring in December 2015. It generates an annual EUR 8.6 mln in rent.
The complex was valued at the time at EUR 135 mln.
Credit Suisse issued a EUR 99 mln senior loan in January 2006 to refinance the scheme and securitised it in the Titan Europe 2006-3 CMBS facility. A further EUR 10 mln of junior credit was also provided by a different lender.
