Uk cmbs



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Description: BAML has launched the securitisation of a £211.5m senior loan extended to Apollo Global Management to finance its £347.2m acquisition of a direct property portfolio from Aviva Commercial Finance dubbed Project Moon. The £211.5m Taurus CMBS UK 2014-1 Ltd transaction is comprised of a single loan made to by BAML to Lunar JV Finance, a…

BAML has launched the securitisation of a £211.5m senior loan extended to Apollo Global Management to finance its £347.2m acquisition of a direct property portfolio from Aviva Commercial Finance dubbed Project Moon.

The £211.5m Taurus CMBS UK 2014-1 Ltd transaction is comprised of a single loan made to by BAML to Lunar JV Finance, a Jersey-based entity.  BAML, in its first UK CMBS since the global financial crisis, has tranched the securitisation as follows:

  • A/A:                       £133.3m @ 41% LTV WAL 2.1 yrs, over 3mL
  • BBB/BBB-:           £48.8m @ 56 LTV, WAL 2.1 yrs, over 3mL
  • BB/BB:                  £29.4m @ 65% LTV, WAL 2.1 yrs, over 3mL

The weighted average LTV across the three classes is 60%.  Expected maturity is November 2017 and legal final maturity is May 2022. Net rent is £31.7m while estimated rental value £38m.

Pricing guidance is expected to be issued following a round of investor calls on Thursday 19 June. BAML has already had several positive investor meetings but the entire book is not thought to be covered currently.

DBRS and Fitch Ratings are the two rating agencies for Taurus CMBS UK 2014-1 Ltd, which is expected to price and close by mid next week.

By value, the mixed-use property portfolio is comprised as follows: shopping centres, 36.5%; high street retail, 21%; offices, 14%; industrial, 14%; retail warehousing, 12%; and Leisure assets, 2%.

By geography, the underlying Moon property portfolio is diverse: the South (26%), North West (23.8%), West (17.5%), North East (13.1%), Scotland (11.9%) and the Midlands (7.7%).

Vacancies are running at 16% with 717 tenants occupying 1232 units. The granularity of the portfolio is understood to have been a driving factor in BAML choosing a securitisation rather than syndication exit.

Notably, Taurus CMBS UK 2014-1 Ltd includes no AAA-grade class, owning to the transaction’s lack of a swap contract or liquidity facility due to the disproportionate cost in including each.

In the report, CoStar News  reported that Project Moon was a 135-strong granular portfolio of enforced legacy property loans, originated through Aviva Commercial Finance, and are all now in receivership or administration.

Apollo beat Blackstone, Cerberus and Kennedy Wilson to acquire the direct property portfolio for £352m, against a circa £400m legacy unpaid loan balance before the loans were enforced.

  • the 71,069 sq ft Bishop’s Stortford Leisure Complex in Hertfordshire, valued at £6.75m, with an annual rent of £696.2m and a weighted average unexpired lease term (WAULT) of 11.5 years;
  • the 49,784 sq ft Wilkinson, Fleetway House, Fleet Street, Swindon, which has a 5.75 year unexpired lease which currently pays £335,000 per annum. Current value is quoted at £2.435m;
  • a Swansea “drive-through” Burger King which is on the market at a standalone £1m asking price;
  • a second Wilkinson in Dewsbury, West Yorkshire, with an 8.5 year unexpired lease term and is valued at £1.78m.






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