Aareal Bank has successfully completed another synthetic securitisation transaction with a volume of € 1.2 billion under its Global Commercial platform. The transaction was well received in the capital market and was almost four times oversubscribed.
The portfolio, which is broadly diversified both regionally and by sector, comprises 50 loans, secured by 285 commercial properties in twelve countries including Sweden, USA, Italy and France. This is also the first time that loans secured by prime properties in Poland have been included in a Global Commercial transaction. The portfolio includes inter alia office buildings, shopping centres, logistics properties, high volume residential buildings and hotels.
Aareal Bank has effectively expanded its skills in the structuring of securitisation transactions over the past few years and is the sole Arranger of this deal.
The sole Lead Manager for marketing and placement in the capital markets is the investment bank CALYON. The transaction has been rated by the rating agencies Moody’s and Standard & Poor’s.
Global Commercial Three is the eighth synthetic transaction structured by Aareal Bank. Up to now the bank has secured property financings with a volume of € 11 billion. In the words of Dr. Ralph Hill, Member of the Management Board of Aareal Bank: “We have successfully concluded the third transaction under the Global Commercial platform for securing our commercial loans. This transaction reflects the broad diversification of our strategy conforming new business. We are pursuing active portfolio management through securitisation and syndication transactions, with a view to the optimal allocation of the sources of our earnings, our equity as well as our country and sector credit risks.”
In the last two years, Aareal Bank has placed similarly structured commercial securitisation transactions with international investors, under the names Global Commercial One and Two. “Global Commercial Two”, with a volume of € 1.7 billion, was the largest securitisation transaction to date within the European CMBS market last year.
Source: Aareal Bank