Morgan Stanley is preparing a E300 million commercial mortgage-backed securitization of a single property in Paris, according to London-based bankers. The deal, ELOC12, will securitize Paris' largest office complex called Zeus. Calls to Steve White, co-head of European securitization at Morgan Stanley in London, were not returned.
The deal is scheduled to be launched by year-end, and will compete with an unusually heavy European CMBS pipeline. However, given the relative scarcity of non-U.K. CMBS paper in the past, bankers and analysts alike believe the deals will be well-received. The ELOC program, or European Loan Conduit program, securitizes Morgan Stanley's own commercial property loan portfolio.