-- Daniel Flatt
Morgan Stanley is marketing a €695 million ($1 billion) pan-European commercial mortgage-backed securitization from its commercial mortgage vehicle. The transaction was arranged in-house.
ELoC 29 (Xuthus) comprises a single loan backed by a pool of 65 properties, 88% of which are offices, 8% retail space and 4% hotels. The properties contain 224 tenants and are scattered throughout the Netherlands, Belgium, Switzerland and Germany.
The issuer is offering up three classes of notes ranked AAA/AAA, AA/AA and A/A by Standard & Poor’s and Fitch Ratings, respectively. The notes are benchmarked against three-month Euribor. A Morgan Stanley official confirmed that all the notes were being marketed publicly.
The deal is expected to price in December.