Records fall in European CMBS market after shock jumbo German real estate deal

German real estate company Gagfah GmbH is out with a staggering €2bn multi-family CMBS, German Residential Funding 2013-1, making it comfortably the largest securitisation of commercial real estate in Europe since the 2008 financial crisis. It comes only a month after another €1bn loan for the same company was securitised in the year’s first CMBS, Taurus 2013-1.