On July 25, 2007 NIBC has successfully completed MESDAG ( Delta), a €638.4-million Commercial Mortgage Backed Securities (CMBS) transaction. It is the sixth CMBS arranged by NIBC and the fourth under its MESDAG programme.
Via MESDAG (Delta) financing is provided on a large part of Breevast's Dutch real estate portfolio. The loan is secured by 77 properties, consisting of offices (39.7%), retail (37.2%), industrial (12.5%), mixed use (6.1%) and one hotel (4.5%) with a total value of €854.4 million. The properties are well spread in and around the larger cities throughout the Netherlands. Rent is contributed by a well diversified tenant base with over 300 tenants.
The transaction consists of seven classes of notes which are listed on the Irish Stock Exchange. Standard and Poor's and Fitch Ratings have assigned ratings to the notes. The expected final maturity date of the Notes is January 2014.
This transaction exemplifies NIBC's successful strategy in the commercial real estate market.