UK bank Barclays is behind two new CMBS deals, which are the first securitisations launched in Europe this year.
The UK data centre CMBS is called Vantage, and as well as being one of two to reopen the securitisation debt capital market as a source of capital for real estate, it is the first-ever CMBS backed by data centres. In this case, two large properties near Cardiff, featuring two hyperscalers as the main tenants.
The indicative fixed coupon for the issue is 6.7% and it will raise £600 mln for Vantage Data Centres, the specialist developer/operator owned by listed global firm DigitalBridge. Barclays and Japan's SMBC London branch are the banks involved.
Barclays is also the lender and adviser to Blackstone for the other CMBS, UK Logistics 2024-1, which securitises two loans totalling £537 mln secured against assets from Blackstone's urban logistics and industrial companies Mileway and St Modwen.
Also this week, in the private debt market a club of international banks backed a €920 mln closing transaction in Brussels with a €475 mln loan.
The deal was initiated by the European Commission and the Belgian government as a way to bring a portfolio of more than 20 Brussels buildings the EC owned to a higher sustainability. The banks, led by ING, are supporting Cityforward, a JV vehicle backed by the Belgian government's sovereign wealth fund SFPIM and insurer Ethias, which will own the properties,
Another noteworth loan this week was written by Tristan Capital Partners on behalf of a segregated client mandate, providing €165 mln to investor in French hospitality Centaurus Group, and secured on seven central Paris hotels.
The Brussels portfolio sale is by far the largest for some time. But this week we track another seven portfolio transactions, raising in size from the smallest - Ares' acquisition of most of Shaftesbury Capital's Fitzrovia portfolio in London for £60.5 mln- to an Italian deal which saw bank Intesa Sanpaolo sell eight mainly office buildings valued at €500 mln to vehicles managed by Coima.
We also track two funds raising capital and four assets put up for sale.
