DECO 2014 – GONDOLA S.R.L.
€185,500,000 Class A Commercial Mortgage Backed Notes due 2026
€65,000,000 Class B Commercial Mortgage Backed Notes due 2026
€30,500,000 Class C Commercial Mortgage Backed Notes due 2026
€52,000,000 Class D Commercial Mortgage Backed Notes due 2026
€21,900,000 Class E Commercial Mortgage Backed Notes due 2026 (the "Notes")
Walkers Ireland acted as listing agent to Deco 2014 – Gondola S.r.l., which issued and listed the above six classes of notes this week. This is the first European multi-loan CMBS to launch since the financial crisis and reflects a portfolio of Italian properties comprising a hotel, shopping centres and office buildings. Deutsche Bank AG , London Branch acted as Sole Arranger, Sole Bookrunner, Lead Manager, Originator, Basis Swap Provider and Liquidity Facility Provider.
The Notes were listed on the Main Securities Market (the MSM or "regulated market") of the Irish Stock Exchange.
Walkers was pleased to act on another landmark CMBS successfully launched by Deutsche Bank AG and which involved Allen & Overy LLP (legal advisers to Deutsche as to English law & German law), Allen & Overy Luxembourg (legal advisers to Deutsche as to Luxembourg law), Allen & Overy Studio Legalo Associato (legal advisers to Deutsche as to Italian law), BNP Paribas Securities Services, Milan Branch (paying agent and issuer account bank), Securitisation Services S.p.A. (master servicer, regulatory servicer, representative of the noteholders, calculation agent, corporate servicer), Situs Asset Management Limited (delegate primary servicer and delegate special servicer), Reed Smith (legal advisers to Situs) and SVM Securitisation Vehicle Management S.r.l (quotaholder). This multi-loan CMBS deal is another positive step towards a fully reopened market and is further evidence of sustained growth in investor appetite for these type of products. We expect this trend to continue for the remainder of the year and into 2015.
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