Situs, today announced its appointment as the Primary and Special Servicer on the new €699 million German Residential Funding 2013-2 Limited securitization.
The new CMBS issuance, arranged by Bank of America Merrill Lynch and Deutsche Bank and sponsored by Gagfah, a leading German listed multifamily housing company, provides for the refinancing of three sub-portfolios within Gagfah’s stable comprising the €367.5 million WGN loan, €350.2 million WBN loan and the €1.07 billion NILEG Residential loan.
Bruce Nelson, Chief Operating Officer of Situs commented “This latest appointment increases our new servicing mandates in 2013 to £3.3 billion and further demonstrates our expertise and deliverability of refinancing through securitization. Working with Bank of America Merrill Lynch and Deutsche Bank we are focused on providing increased flexibility and innovation to construct new structures to achieve maximum results in the international real estate debt market.”
The German Residential Funding Limited 2013-2 comprises 29,0296 rental units across Germany (the Quadriga Portfolio) representing approximately 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 approximately 12.7 years. The aggregate value of the Quadriga Portfolio is in the region of €1.19 billion.
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.
Situs has more than €22 billion in primary servicing, and is one of the largest third-party servicers in Europe. Since the beginning of 2012, it has been named the primary and/or special servicer on the majority of the securitizations issued including Merry Hill- Deco 2012, Florentia 2012, Taurus 2013 GMFI, --Chiswick-Deco 2013, and Debussy DTC PLC transactions. As Special Servicer, it is responsible for more than €700 million of troubled assets.