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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Surveillance Credit Analyst: James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com Secondary Contact: Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com Research Contributor: Mahesh L Bodke, Mumbai; mahesh.bodke@standardandpoors.com Media Contact: Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com
Table Of Contents
Loan Maturities Loan Delinquencies, Nonmonetary Breaches, And Cures Specially Serviced Loans Ratings And Note-Level Matters Transactions And Related Publications Loan Delinquencies And Nonmonetary Breaches Data Specially Serviced Loans Data Ratings And Note-Level Matters Data Related Criteria And Research
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
The European commercial mortgage-backed securities (CMBS) sector had a mixed year in 2013. While we observed a nascent revival in new issuance volumes, continued declines in commercial real estate values, difficult financing conditions, and the application of Standard & Poor's Ratings Services' European CMBS criteria led to downgrades (see "European CMBS Methodology And Assumptions," published on Nov. 7, 2012). In 2014, the growth in investor-placed European CMBS issuance may slow, while credit performance could remain weak, as we do not expect refinancing conditions to improve markedly. Our recently published outlook for the sector addresses some of the key themes for 2014, looking at CMBS issuance, regulatory pressure, the continued impact of restricted lending, and declines in capital values (see "European CMBS Outlook 2014: The Issuance Revival May Slow," published on Dec. 19, 2013). The information below is as of the end of November 2013, unless stated otherwise.
Table 1
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Data Notes The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions, nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE CDOs]) stood at 372 at the end of November 2013. The British pound sterling and euro-denominated balances of this universe over this period were 25,648,359,824 and 24,482,225,160, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 27,373,738,380 and 26,509,296,533, respectively.
Loan Maturities
Loan maturity performance
Of the six loans that matured: Servicers extended the term of two loans; and Servicers declared four to be in default.
Table 2
Loan maturity default rate and performance statistics. The maturity default rate decreased to 14.54% from 16.06%.
December maturities
We expect the maturity default rate to remain flat in our next European CMBS monthly bulletin, as only six loans are scheduled to mature, four of which have already repaid.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 1
Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of November is tracked against the total balance of loans scheduled to mature between Dec. 1, 2012 and Nov. 30, 2013 is 19.52 billion when expressed in euros. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 3
Delinquencies
Transaction Loan Additions Infinity 2007-1 Soprano FCC EHE - Pool B Germany Mixed use Maturity payment default Jurisdiction Asset type Comment
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 3
Delinquencies (cont.)
Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. JUNO (ECLIPSE 2007-2) Ltd. FORNAX (ECLIPSE 2006-2) B.V. Babcock French Portfolio Henderson Hanau Shopping Centre Petersbogen Cassina Plaza Cures/resolutions Cornerstone Titan 2006-1 PLC Argos Distribution Centre U.K. Distribution warehouse Repaid France Germany Germany Italy Office Retail Retail Mixed use Maturity payment default Maturity payment default Maturity payment default Maturity payment default
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 4
Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Comment Additions None -----
Notices
We expect loans in our special servicing index to remain flat in our next European CMBS monthly bulletin, with six loans scheduled to mature, four of which have already repaid.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 4
Table 5
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Rating Defaults
Transaction Victoria Funding (EMC-III) PLC Cornerstone Titan 2007-1 PLC Class E A2 Month rating lowered to 'D (sf)' November 2013 November 2013 Original rating BB (sf) AAA (sf) Rating immediately before 'D (sf)' CC (sf) CCC- (sf) Comment Principal loss allocation Interest shortfall
Epic (More London) PLC Epic (Value Retail) Ltd. Situs Asset Management Windermere VIII CMBS PLC Bluebonnet Finance PLC
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 7
Chart 5
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 6
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 7
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 8
Table 8
Transaction MESDAG (Charlie) B.V. Prominent CMBS Funding No. 1 PLC Credent Ltd Titan Europe 2007-2 Ltd. MESDAG (Charlie) B.V. Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V.
Comment Awaiting information Repaid Repaid Extended to November 2013 Repaid Repaid with a loss Repaid
TOR Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 8
U.K. Germany
Oct 5, 2013 Oct 10, 2013 Oct 15, 2015 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Jan 17, 2014 Oct 18, 2013 Oct 18, 2013 Jan 18, 2014 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013
746,322,000 84,878,000
Government Income Portfolio Mortgage Penguin Mango Pineapple Thunderbird Pitch 2 Royal Mint Court
U.K.
Apr 15, 2017 Oct 22, 2016 Oct 24, 2016 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019
76,063,415
Extended to October 2015 Defaulted Awaiting information Awaiting information Repaid Repaid Awaiting information Repaid Defaulted Repaid Defaulted Awaiting information Defaulted Extended to January 2014 Repaid with a loss Defaulted Extended to January 2014 Defaulted Defaulted Repaid Repaid with a loss * * * * * * * * * * * *
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator EHE - Pool 1A EHE - Pool B Munster Ambassador Norwich Union House Skoduv Palace Project Kennet Quadrant House Redbus Interhouse Roade One
U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K. U.K. The Netherlands U.K.
Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse
7,580,650 500,400,000 6,247,500 175,959,261 369,282,403 33,942,938 9,571,523 90,930,000 41,149,300 52,889,520 19,418,800 59,283,080 6,356,571 80,100,000
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 8
DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK
Mixed use Retail Multifamily housing Retail Retail Mixed use Retail Office
Awaiting information Defaulted Repaid Repaid Repaid Defaulted Defaulted Extended to October 2016 Defaulted Defaulted Defaulted Defaulted Awaiting information Defaulted/in standstill
* *
* *
Regent Capital StarcharmLtd. Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza
* * * * * *
France U.K.
Oct 21, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013
Nov 5, 2019 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019
2,540,100 41,180,905
France
Office
26,035,444
Germany
Retail
18,900,000
Defaulted
Italy
Mixed use
39,888,550
Defaulted
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 8
Germany Germany
Retail Retail
68,816,748 291,236,427
*According to our data at the end of November 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12 respectively).
Chart 9
Table 9
Loan Lavincino
Jurisdiction U.K.
Comment --
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 9
Titan Europe 2007-2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma"
Germany France
291,236,427 87,732,244
-Repaid
France
Office
22,000,000
Repaid
Master
France
Office
Nov 1, 2019
80,673,520
Repaid
*According to our data at the end of November 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively).
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 11
Table 10
Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes
Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC
Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office
Asset type Office Retail Retail Office Retail Office Office DIY
Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
BHP January 2011 Deutsche Bahn January 2012 Eschborn German Retail Portfolio I April 2011 April 2013
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
Hugo January 2012 Klimson Koblenz/Pforzheim Stade Star Steigenberger Hotel Wolfsburg Xanadu Zana Centrum Edeka Retail Emmen Wohncenter Lubeck Retail Swisscom Toom DIY Treveria II CPI Retail Active Management Investco Estates Ltd. Regent Capital Starcharm Ltd. Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2013 October 2012 October 2013 October 2013 October 2013 October 2013 July 2012 December 2011 October 2013 October 2013 October 2013 April 2010 April 2012 March 2010
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012
Braeside Ltd. January 2011 Elbank Ltd. January 2013 Fairhold Portfolio Rowan UK Commercial Swiftgold Ltd. AWOBAG Commercial and Warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Countrywide January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 June 2012
Project DD January 2011 St Mary's House Epic Horse Epic Rhino Gutperle Sunrise II Sunrise Blue Star Senior October 2012 July 2010 July 2010 July 2013 July 2012 July 2012 April 2012
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
ATU Austria January 2013 Cassina Plaza Century Center Kingbu Portfolio Netto Portfolio Gemini 140 202 November 2013 February 2013 October 2012 August 2012 November 2009 April 2013
Car service workshops Mixed use Retail Retail Retail Mixed use Office
Germany Germany Germany The Netherlands The Netherlands U.K. Ireland Germany Germany
Mixed use Office Retail Office Office Office Office Retail Retail
Dutch Offices I January 2012 Dutch Offices II January 2013 Fern Trustee 1 Ltd and Fern Trustee 2 Ltd October 2013
Opera Finance (CMH) January 2013 PLC K KG & OP KG & SM KG & RRZ KG H & B Retail October 2013 November 2012
Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio February 2013 November 2012 July 2013
France Italy
Office Retail
No Yes
Italy
Mixed use
Yes
DT-12
Germany
Office
Yes
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
Reindeer January 2013 Fish Monkey Penguin July 2013 July 2013 October 2013
Apple January 2013 Coconut January 2012 Orange Peach Pineapple July 2012 July 2012 October 2012
Wagner January 2012 Bremen (Haven/Project Norman) Bewag Berlin Portfolio Walzmuhle Portfolio Triumph June 2012 April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012
Leipzig
Germany
Office
Yes
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
Quelle Nurnberg January 2013 Stage Syrdall Business Park Target April 2013 April 2011 April 2013
Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC
Belgium Germany U.K. Germany France Germany Germany U.K. U.K. U.K. U.K. U.K. U.K. U.K. U.K. U.K.
Office Retail Healthcare Retail Office Hotel Office Industrial Office Office Industrial Distribution warehouse Office Office Office Office
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Six Hotels January 2012 Toy Box Bacchus Norwich Union House Project Kennet July 2013 August 2009 October 2013 October 2013
Project Koito January 2012 Project Middleton Project Regulator Quadrant House St. Mark's Court July 2013 October 2013 October 2013 April 2012
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 10
Germany
Office
Yes
Germany
Retail
Yes
November 2013 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013
Germany
Retail
Yes
France
Office
Yes
Tishman German Office Portfolio Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II
Germany
Office
No
Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Finland
Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office Office Mixed use Mixed use
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Term payment default Maturity payment default Maturity payment default
Tresforte January 2010 Westville Coeur Defense Baywatch Sisu July 2009 March 2009 April 2013 April 2013
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 11
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 11
*According to our data at the end of November 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 13
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Chart 14
Table 12
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services
DIY Capita Assets Services (UK) Ltd. Retail Capita Assets Services
Industrial Capita Assets Services (UK) Ltd. Leisure Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Hotel Mixed use Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Office Mixed use Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Office Capita Assets Services Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Solutus Advisors Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd.
Mapeley Gamma
U.K.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Starcharm Ltd.
U.K.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) Arcadia
U.K. U.K.
DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC
U.K. Germany
DD Karstadt Hilden
Germany
Retail
Germany
Mixed use
Mansford Nord Bayern Main Plus Retail Mayne Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Ltd. Elbank Ltd. Fairhold Portfolio Swiftgold Ltd. Rowan UK Commercial
December 2012 July 2011 January 2012 October 2013 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010
Germany Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K.
Retail Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Nursing home Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing Distribution warehouse Multifamily housing Mixed use Mixed use Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd. Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC, London branch
Office Capita Assets Services (UK) Ltd. Capita Assets Services Morgan Stanley Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.
Germany Nursing homes U.K. Austria Italy Belgium Germany Germany Office Car service workshops Mixed use Retail Retail Retail
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Retail Capita Assets Services (UK) Ltd. Retail Office Office Mixed use Office Office Retail Retail Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Eurohypo AG Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer Monkey February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013
Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany
Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Mixed use Mixed use
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Retail Capita Assets Services Capita Assets Services
Leipzig
Germany
Office
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Mixed use Mixed use Office Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Healthcare Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Hotel Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services
Bacchus August 2009 Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator Quadrant House October 2013 October 2013 January 2012 July 2013 November 2013 October 2013
Industrial Capita Assets Services (UK) Ltd. Office Office Capita Assets Services Capita Assets Services
Industrial Capita Assets Services (UK) Ltd. Distribution warehouse Office Office Capita Assets Services Capita Assets Services Capita Assets Services
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 12
Babcock French Portfolio Guardian Bonn Rochustrasse H&B Retail Portfolio II Henderson Hanau Shopping Centre Inovalis Eboue Paris Spanish (Heron City)
France Germany Germany Germany France Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Finland
Office Office Retail Retail Office Mixed use Office Office Office Retail
Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch Sisu April 2011 November 2011 September 2009 February 2013 December 2008 October 2012 June 2011 September 2011 January 2010 July 2009 February 2009 September 2012 April 2013
Retail Capita Assets Services (UK) Ltd. Office Office Office Retail Office Mixed use Office Mixed use Mixed use Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Hatfield Philips International Ltd. and ABN AMRO Bank N.V.
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
Transaction Cornerstone Titan 2007-1 PLC Juturna (ELOC No. 16) PLC Quality Parking 2007 B.V. Titan Europe 2006-5 plc STABILITY CMBS 2007-1 GmbH Victoria Funding (EMC-III) PLC Deutsche Bank Luxembourg S.A. Alburn Real Estate Capital Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Cornerstone Titan 2007-1 PLC EuroProp (EMC VI) S.A. Taurus CMBS (Germany) 2006-1 PLC Windermere XI CMBS PLC
Loan Star
Notice topic
Standstill Notice that the Special Servicer has agreed to enter into a new standstill agreement agreement with the Borrower under the Star Credit Agreement to grant a further standstill until close of business on 18 January 2014. Other Full redemption Other Other Default Notice regarding the Financial Statement as on June 30, 2013. Notice that the notes will be redeemed in full at their principal balance on 3rd Oct 2013. Notice regarding the enforcement proceeding in the German Court. Notice regarding new interest rate for the next interest period have been calculated on the 01.11.2013. Notice that the payment of interest on the Notes of the Most Senior Class of Notes Outstanding have not received the interest payment at the recent IPD and potential event of Default has occurred. Notice confirming that notes are still held by Deutsche Bank Luxembourg. Notice informing that Merrill Lynch & Co. Inc is now rated NR Notice informing that Merrill Lynch & Co. Inc is now rated NR
Transaction-level notice Transaction-level notice Quartier 206 Shopping Center Transaction-level notice Transaction-level notice
Transaction-level notice
Other
Notice informing that Merrill Lynch & Co. Inc is now rated NR
Transaction-level notice
Other
Notice informing that Merrill Lynch & Co. Inc is now rated NR
Notice informing that Merrill Lynch & Co. Inc is now rated NR Notice that the standstill agreement has been extended until 18 Nov 2013. Notice Correction of notice of Ninth Standstill agreement in respect of the Ash Loan. Notice that standstill period is extended and expiring in Jan 18, 2014.
Westville Mortgage
Notice that the Westville Mortgaged Property known as 'Kidderminster Shopping Center' was sold for 2150000 on 25th Oct 2013 and the proceeds of sale will be applied in accordance with the transaction Doc on Jan 2014 IPD. Notice regarding the valuation Claim update Notice that standstill period is extended until 02 Dec 2013. Notice that the the expiry of the relevant grace period, a Note Event of Default has now occurred due to the non payment of interest due on 24 October 2013 in respect of the Class A Notes. Notice regarding launch and pricing of 185 million usaf bond financing Notice that standstill period is extended until 19 Nov 2013.
GEMINI (ECLIPSE 2006-3) PLC Silenus (ELOC No. 25) Ltd. Titan Europe 2006-3 PLC UNITE (USAF) PLC Fordgate CS No. 1 PLC
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
Meadowhall Finance PLC Broadgate Financing PLC BL Superstores Finance PLC Windermere X CMBS Ltd. Vesteda Residential Funding II B.V. Trafford Centre Finance Ltd. (The) Talisman-7 Finance Ltd. Talisman-6 Finance PLC Talisman-5 Finance PLC Talisman-4 Finance PLC Sandwell Commercial Finance No. 2 PLC Opera Finance (Metro Centre) PLC Mall Funding PLC (The) Isobel Finance No.1 PLC Imser Securitisation 2 S.r.l. FIP Funding S.r.l. Finance for Residential Social Housing PLC Epic Opera (Arlington) Ltd. MESDAG (Charlie) B.V. Epic (Value Retail) Ltd. Premiertel PLC Epic (More London) PLC Epic (Drummond) Ltd. Talisman-4 Finance PLC Epic (Culzean) PLC
Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice Transaction-level notice
Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Notice that National Westminster Bank has been downgraded to 'A-/A-2' from 'A/A-1' Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Other Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A' Notice that RBS has been downgraded to 'A-' from 'A'
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
Infinity 2007-1 ''Soprano'' FCC Portfolio GREEN German CMBS GmbH DECO 17 - Pan Europe 7 Ltd.
Transferred to Notice that the Loans granted to Borrower Groups G13, BG 1027 and BG special servicing 1057 have become Specially Serviced Loans. Standstill Notice that the Special Servicer (Deutsche Bank AG, London Branch) agreement and the Borrower have now entered into a further standstill agreement to allow Ernst & Young to finalise the restructuring opinion. The extended standstill will run until 20 January 2014, unless terminated in writing by the Special Servicer. Transferred to special servicing Property sales Notice that the Babcock Portfolio Loan has become a Specially Serviced Loan and the Special Servicer has granted a short term standstill, which will end on 9 December 2013. Notice that the Special Servicer can confirm that the highest bid of 20m was accepted on 22 October 2013 and that completion of sale has now taken place and sales proceeds received. Notice that an updated valuation of the Foretzza Properties has been received by the Delegate Italian Master Servicer on 7 November 2013. The valuation indicates that the market value of the Foretzza Properties is 79,820,000. Notice regarding change of accounts with respect to the Built Loan.
Vulcan (European Loan Conduit No. 28) Ltd. Cornerstone Titan 2005-2 PLC Windermere X CMBS Ltd.
Babcock Portfolio
Fortezza Portfolio
Valuation
Windermere X CMBS Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Windermere XII FCC Windermere XIV CMBS Ltd.
Other
Transferred to Notice that a Servicing Transfer Event has occurred and the Special special servicing Servicer formally assumed special servicing duties in relation to the Loan on 8 November 2013. Other Valuation Notice regarding amendment agreements Notice that an updated valuation of the Foretzza II Properties has been received by the Delegate Italian Master Servicer on 7 November 2013. The valuation indicates that the market value of the Foretzza Properties is 172,900,000 Notice that the standstill agreement has been further extended until 07 February 2014. Notice that the standstill agreement has been further extended until 07 February 2014. Notice that the loan reached Final Maturity on the 31st October 2013, the Borrower failed to make repayment. A Standstill agreement has been entered into until the 31 December 2013 .
Quirinus (European Loan Conduit No. 23) PLC Vulcan (European Loan Conduit No. 28) Ltd. NEMUS II (Arden) PLC
H&B Retails
Fern loan
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
Imser Securitisation 2 S.r.l. Opera Finance (Metro Centre) PLC JUNO (ECLIPSE 2007-2) Ltd.
Parque Principado
Repaid
Cassina Plaza
Default
UNITE (USAF) II PLC Talisman-6 Finance PLC Windermere XIV CMBS Ltd. Taurus CMBS (Pan-Europe) 2006-3 PLC Titan Europe 2007-2 Ltd.
Other Standstill agreement Transferred to special servicing Standstill agreement Standstill agreement
Six Hotels
Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Victoria Funding (EMC-III) PLC
Toy Box
Caprice
Transaction-level notice
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
JUNO (ECLIPSE 2007-2) Ltd. DECO 11 - UK Conduit 3 PLC Epic (Value Retail) Ltd. Isobel Finance No.1 PLC Talisman-7 Finance Ltd. Fordgate Commercial Securitisation No. 1 PLC Titan Europe 2006-2 PLC
Le Crossiant Transaction-level notice Transaction-level notice Transaction-level notice Hof Transaction-level notice
Margaux Portfolio
Titan Europe 2006-2 PLC Portfolio GREEN German CMBS GmbH Titan Europe 2007-3 Ltd. MESDAG (Charlie) B.V. Windermere X CMBS Ltd.
Other
Other Notice regarding Termination of Loan Agreement pertaining to Borrower Group G13 Transferred to special servicing Valuation Valuation Notice that the Regulator Whole Loan became a Specially Serviced Loan as of 19th November 2013. Notice that the Dutch Offices II properties were valued at 19,990,000 on 1 September 2013. Notice that the 2013 Valuation shows a decrease in value of 171,120,000 from the previous valuation at origination. As a result of the 2013 valuation, a Control Valuation Event has occured with respect to the Bridge Whole Loan. Notice regarding amendments to Tishman Finance Documents.
Vulcan (European Loan Conduit No. 28) Ltd. Cornerstone Titan 2007-1 PLC Titan Europe 2007-3 Ltd. Talisman-6 Finance PLC DECO 17 - Pan Europe 7 Ltd.
Other
Valuation
Notice that compared to previous valuation as of 31st July 2011 (59,920,000) and on a like-by-like basis, the 2013 Valuation indicates a decline in value of 23% Notice that the servicer has received an updated valuation of the Regulator property, which provides a market value of 160, 000,000 as at July 2013. Notice that the aggregate purchase price for the Property and certain accessories was 15,800,000. Notice that the 1 month standstill period expired on 21 November 2013 and has subsequently been extended to 3 December 2013 to allow for the completion of the analysis and finalisation of the Proposed Amended Business Plan. Notice regarding the compliance certificates. Notice regarding the updated valuation dated 22nd Aug 2013 is GBP107,813000. Notice regarding the noteholders meeting.
Valuation
Mango Rockpoint
LCP Proudreed PLC DECO 11 - UK Conduit 3 PLC Titan Europe 2006-3 PLC
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 13
EQUINOX (ECLIPSE 2006-1) PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. DECO 7 - Pan Europe 2 PLC Titan Europe 2006-3 PLC GEMINI (ECLIPSE 2006-3) PLC
Property sales Notice that a sale of the Property was completed on 22nd November and the purchase price of the Property was 2,350,000. Standstill agreement Other Other Noteholder meeting Notice that the Standstill agreement has been extended untill 30 January 2014. Notice regarding the loan performance. Notice regarding the Legal claim against initial valuer Notice that the Issuer will hold an informal meeting of the holders of the Class A Notes at 11:00 am on 9 December 2013 to discuss a proposal received from Danske Bank A/S, London Branch to restructure the repayment of certain outstanding amounts under the Liquidity Facility Agreement Notice that the Henderson Paris Retail Park Loan was prepaid in full on 29 November 2013. Notice that the Servicer has entered into an amendment agreement to extend the maturity date of the Project Christie Loan until 16th December 2013.
Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2007-2 Ltd.
Repaid
Loan extension
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 14
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 14
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 14
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 14
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European CMBS Monthly Bulletin (December 2013): Credit Performance Could Remain Weak In 2014
Table 14
*Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity obligations, we have reintroduced them to our index for completeness.
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