Global commercial real estate servicer Situs has secured a mandate to service a new €699 mln CMBS issuance, arranged by Bank of America Merrill Lynch and Deutsche Bank and sponsored by listed multifamily housing firm Gagfah.
Global commercial real estate servicer Situs has secured a mandate to service a new €699 mln CMBS issuance, arranged by Bank of America Merrill Lynch and Deutsche Bank and sponsored by listed multifamily housing firm Gagfah.
The German Residential Funding 2013-2 securitisation provides for the refinancing of three sub-portfolios within Gagfah’s assets comprising the €367.5 mln WGN loan, €350.2 mln WBN loan and the €1.07 bn NILEG residential loan.
'This latest appointment increases our new servicing mandates in 2013 to £3.3 bn and further demonstrates our expertise and deliverability of refinancing through securitisation,' commented Situs chief operating officer Bruce Nelson.
The CMBS comprises 29,000 rental units across Germany (the Quadriga Portfolio) representing around 1.4 million m2 of lettable space. The Quadriga Portfolio is located across Northern Germany, the former West Germany and Berlin and benefits from a stable tenant base with a current weighted average tenancy term of 12.7 years. The aggregate value of the Quadriga Portfolio is in the region of €1.19 bn.
Situs’ European servicing operations are primarily run and managed out of London, with some assets and portfolios overseen by Situs Global Servicing subsidiary in Frankfurt, Germany.
The Texas-based firm has built up a €22 bn portfolio under management in Europe since its entry into the market in 2004.
In Germany, Situs - a Ranieri Partners Company - acquired Deutsche Bank’s London-based commercial mortgage loan servicing business last year. In 2011, Situs partnered with HSH Nordbank and Helios AMC to offer loan servicing and advisory services in the Nordic region.
