Blackstone-backed social housing group preps CMBS debut

By Owen Sanderson
06 Oct 2020

Sage Housing, the for-profit social housing landlord owned by Blackstone, is marketing its first CMBS issue through Deutsche Bank — a sharply different approach to financing from its housing association peer group, which usually issue ultra-long secured corporate bonds rather than true securitizations.

Sage AR Funding No 1 is a full capital structure agency CMBS, with classes ‘A’ to ‘F’ on offer to investors. Sage itself will retain the unrated class ‘R’ tranche to meet risk retention requirements.

The deal is the first true CMBS out of the UK social housing ...

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