A&O advises BAML on EUR653 million CMBS backed solely by Dutch assets
12 March 2020
Allen & Overy has advised Bank of America Merrill Lynch (BAML) on the first commercial mortgage backed securitisation (CMBS) under their Taurus programme to be backed solely by Dutch assets.
The Blackstone sponsored deal, valued at EUR653 million, was secured by a portfolio of 105 office and industrial properties with a value of almost EUR1 billion. It was structured as a 144a offering allowing it to be marketed to US investors. This is the third public CMBS that the A&O team have advised on during Q1 2020, marking a strong start to the year for European CMBS.
A&O advised BAML and its affiliates in various capacities, including as arranger and lead manager and as lender of the underlying loans, as to English, New York, Dutch and Luxembourg law.
An A&O team also advised U.S. Bank and its affiliates in their various capacities as Issuer Account Bank, Principal Paying Agent, Agent Bank, Issuer Cash Manager, Note Trustee and Issuer Security Trustee.
The properties are office, light industrial and logistics properties located across 39 towns or cites in the Netherlands.
London partner Lucy Oddy led the transaction, with assistance from Isabel Tinsley (Senior Associate), Andrew Chan (Associate) and Julien Ilett (Associate). Advising on the US aspects of the deal were Partner John Hwang, Derek Poon (Associate) and Josh Kopel (Associate). Advising U.S. Bank were Partner Luke Lewis and Alexander Cook (Associate).