Morgan Stanley's London-based securitization team is working on the first Italian commercial mortgage-backed securitization to be completed through its European Loan Conduit (ELoC) program, says a firm insider. The size of the deal has not been set, but it is slated for later this year. The insider notes that part of the ELoC program's growth comes as the real estate opportunity funds to which Morgan Stanley lends expand their activities in Europe. He expects to see deals from Belgium and Ireland as well.
The next ELoC transaction to hit the market will be ELoC 14 Hermione. The deal will be £330 million and backed by a portfolio of 100 industrial properties in the U.K. Hermione should come to market in the next few weeks, says the insider.
