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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue
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 maturity performance September maturities Loan maturities data 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
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European CMBS Monthly Bulletin (September 2013): Positive Loan Maturity Repayment Rate Unlikely To Continue
In August, 88% of European commercial mortgage-backed securities (CMBS) loans repaid at maturity. This is significantly higher than the first half of 2013, when only 40% of loans had repaid at loan maturity. Standard & Poor's Ratings Services notes that 12 of the 17 maturing loans were backed by multifamily assetsa traditionally strong asset classwhich would help explain the robust performance over the month. Of the loans set to mature over the next 15 months, only about 9% are backed by multifamily assets. We do not believe that this month's improved loan maturity repayment rate is a turning point for the European CMBS transactions that we rate. Overall, we expect that many legacy CMBS loans will continue to default at loan maturity, as stronger loans refinance ahead of maturity, while the remaining loans are more susceptible to default and entering special servicing. Over the last few years, a combination of looming loan maturity dates and poor market conditions has led to a steady rise in the number of loans entering special servicing as a proportion of the overall European CMBS universe. The number of loans in special sevicing has increased to about 24% of the total outstanding European CMBS loan balance that we rate, from just 3% in 2008. From 2008 to date, only 39% of the 22 billion of loans that entered our special servicing index have been resolved. The current average time of loans in our special servicing index is 2.5 years. The average recorded resolution time for loans that have been either worked out or removed from our special servicing index is 1.4 years.
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Chart A
The balance of loans entering our special servicing index in 2013 to date is substantially below the recorded balance in 2012. About 2 billion of loans entered special servicing this year to date, while at the end of September 2012, over 3 billion of loans had entered special servicingreaching a total of 5.5 billion by the end of 2012. However, we are still expecting a further 48 loans to mature by the end of 2013, with a total outstanding balance of 3.8 billion. Of this amount, approximately 3 billion are backed by retail and office loans, which have underperformed other asset classes this year. Due to the approaching legal final maturity dates for over 11.5 billion of European CMBS notes in 2017, there is pressure to resolve current nonperforming loans. We therefore consider that note-level losses will be realized over the medium term, as borrowers and noteholders alike run out of options and workouts are accelerated. The information below is as of the end of August 2013, unless stated otherwise.
Table 1
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Table 1
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 411 at the end of August 2013. The British pound sterling and euro balances of this universe over this period were 26,488,132,312 and 25,271,608,962, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 27,335,164,489 and 28,304,912,286, respectively.
Maturities
Loan maturity date Aug 7, 2013 Aug 7, 2013 Note final maturity date May 15, 2017 May 15, 2019
Transaction Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd.
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Table 2
Maturities (cont.)
Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9 The Netherlands Belgium Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Office Retail Retail Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Aug 10, 2013 Aug 10, 2013 Aug 10, 2013 Aug 15, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Oct 15, 2019 Nov 1, 2022 Nov 1, 2022 Aug 22, 2018 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Defaulted Repaid Awaiting information Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid
September maturities
We expect the maturity default rate to remain flat in our next European CMBS monthly bulletin, as only five loans are scheduled to mature, three of which have already repaid.
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Chart 1
Loan maturity default rate and performance statistics. The maturity default rate decreased to 10.43% from 12.77%. 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 August is tracked against the total balance of loans scheduled to mature between Sept. 1, 2012 and Aug. 31, 2013 is 17.55 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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the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
Table 3
Delinquencies
Transaction Loan Jurisdiction Additions EuroProp (EMC VI) S.A. Gutperle Loan Germany Distribution warehouse Maturity payment default Asset type Comment
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Table 3
Delinquencies (cont.)
Cures/resolved Quirinus (European Loan Conduit No. 23) PLC Fairacre Germany Retail Repaid with a loss
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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 only five loans scheduled to mature, three of which have already repaid.
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Chart 4
Table 5
Cures/resolved Quirinus (European Loan Conduit No. 23) PLC Fairacre Germany Retail Repaid with a loss
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Ratings performance
Withdrawals. We withdrew our ratings on 36 classes of notes in 11 transactions. Affirmations. We affirmed our ratings on 11 classes of notes in six transactions. Upgrades. There were no upgrades last month. Downgrades. We lowered our ratings on 13 classes of notes in seven transactions. Rating defaults. There were eight rating defaults.
Table 6
Rating Defaults
Transaction Fleet Street Finance Three PLC Fleet Street Finance Three PLC BELLATRIX (ECLIPSE 2005-2) PLC Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. DECO 10-Pan Europe 4 PLC EQUINOX (ECLIPSE 2006-1) PLC Class D E D A B C C D Month rating lowered to 'D (sf)' August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 August 2013 Original rating BBB (sf) BBB- (sf) A (sf) AAA (sf) AA (sf) A (sf) A (sf) A (sf) Rating immediately before 'D (sf)' CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) Comment Principal loss allocation Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Principal loss allocation
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Table 7
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Table 7
Aug. 9, 2013
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Table 7
Aug. 9, 2013
Aug. 9, 2013
Aug. 7, 2013
Aug. 6, 2013
Aug. 2, 2013
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Table 7
Aug. 2, 2013
Chart 5
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Chart 6
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Chart 7
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Chart 8
Table 8
Transaction Infinity 2006-1 "Classico" DECO 8 - UK Conduit 2 PLC Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) DRACO (ECLIPSE 2005-4) PLC
Loan 27
Germany
Retail
66,000,000
Repaid
Loan 28
France
Retail
50,250,000
Repaid
Loan 4
France
Office
57,000,000
Repaid
1 Trafalgar Square
U.K.
Oct 1, 2017
95,343,000
Repaid
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Table 8
Office Jul 15, 2013 Mixed use Mixed use Jul 15, 2013 Jul 15, 2013
Distribution Jul 15, 2013 warehouse Distribution Jul 15, 2013 warehouse Mixed use Office Jul 15, 2013 Oct 18, 2013
Industrial Jul 18, 2013 Industrial Jul 18, 2013 Office Jul 18, 2013 Retail Jul 18, 2013 Industrial Jul 18, 2013 Office Jul 18, 2013 Distribution Jul 18, 2013 warehouse Office Jul 18, 2013 Mixed use Jul 18, 2013
Nursing Jul 20, 2013 homes Multifamily Jul 20, 2013 housing Retail Jul 20, 2013 Retail Jul 20, 2013 Distribution Jul 20, 2013 warehouse
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Table 8
France
Office
Aug 7, 2013
134,371,823
Repaid
Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9
The Netherlands Belgium Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Office Retail Retail Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing
15,542,500 26,691,000 122,312,500 2,025,321,590 19,066,821 37,675,829 176,554,410 31,307,947 67,833,357 71,709,283 20,655,387 28,507,307 45,690,969 25,310,755 31,139,661
Defaulted Repaid Awaiting information Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid
Aug 15, Aug 22, 2018 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016
*According to our data at the end of August 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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Chart 9
Table 9
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. Hypo Real Estate Bank International AG (ESTATE UK-3)
Loan Derrick 1200304120 Credent Ltd. Project Christie Loan TOR Alburn Real Estate Capital Ltd. Loan Quality Parking 2007 B.V. 123 775
Jurisdiction Germany U.K. Germany Germany Germany U.K. The Netherlands/U.K. U.K.
Asset type Office Mixed use Retail Retail Multifamily housing Office Car Parks Office
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Table 9
The Government Income Portfolio Mortgage Loan The Penguin Loan The Mango Loan The Pineapple Loan 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 Jan 23, 2017
79,164,518
--
------* * *
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator Loan EHE - Pool 1A EHE - Pool B Munster Loan Ambassador Norwich Union House Loan Skoduv Palace Loan Project Kennet Loan Quadrant House Loan Redbus Interhouse Loan Roade One Zana Centrum Loan
U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K. U.K. The Netherlands U.K. Poland
Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office
7,621,650 500,400,000 6,247,500 176,000,000 371,670,760 35,295,072 1,861,106 90,930,000 41,149,300 52,889,520 19,420,400 59,283,080 6,356,571 80,100,000 1,252,220
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Table 9
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
---------
Regent Capital Starcharm Limited 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 10, 2013
Nov 5, 2019 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022
2,540,100 41,180,905
Repaid -*
France
Office
26,035,444
--
Germany
Retail
18,900,000
--
Italy
Mixed use
39,888,550
--
LE Croissant
Belgium
Office
18,320,000
--
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Table 9
Retail Dec 6, 2013 Multifamily housing Mixed use Office Dec 15, 2013 Dec 24, 2013 Dec 28, 2013 Dec 31, 2013
Master
France
Office
Nov 1, 2019
80,673,520
--
*According to our data at the end of August 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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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 2006-1 PLC Cornerstone Titan 2006-1 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 Distribution warehouse Office Retail Office
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
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Table 10
Hugo January 2012 Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu Edeka Retail Treveria II CPI Retail Active Management Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia DD Karstadt Hilden Main July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2012 July 2012 December 2011 April 2010 April 2012 March 2010 September 2010 July 2011
Plus Retail January 2012 Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012
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Table 10
Project DD January 2011 St Mary's House Epic Horse Epic Rhino Gutperle Loan Sunrise II Sunrise Blue Star Senior Corleone Senior Loan Saxony Senior Loan October 2012 July 2010 July 2010 July 2013 July 2012 July 2012 April 2012 April 2013 July 2013
ATU Austria January 2013 Century Center Kingbu Portfolio Netto Portfolio February 2013 October 2012 August 2012
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Table 10
MONHEIM
October 2012
Dutch Offices I January 2012 Dutch Offices II January 2013 Opera Finance (CMH) January 2013 PLC H & B Retail November 2012
Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio The DT-12 Loan The Valentine Loan February 2013 November 2012 July 2013 July 2013
France Italy Italy Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Office Retail Mixed use Office Mixed use Mixed use Mixed use Mixed use Retail Office Retail Retail Multifamily housing Office Office Mixed use Office Office
No Yes Yes Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes
Reindeer January 2013 The Fish Loan The Monkey Loan July 2013 July 2013
Apple January 2013 Coconut January 2012 Orange Peach Pineapple July 2012 July 2012 October 2012
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Table 10
Leipzig Loan
Germany
Office
Yes
Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet
U.K. Germany Germany Germany Germany Germany The Netherlands Germany Germany Germany Luxembourg France
Office Mixed use Mixed use Office Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use
Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes
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.
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Table 10
Project Koito January 2012 Project Middleton Loan Project Towergate Loan St. Mark's Court July 2013 July 2013 April 2012
Brisk Ltd. Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Tishman German Office Portfolio The Spanish Loan (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II
September 2011 February 2011 May 2013 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013
U.K. Germany Germany France Germany Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France
Retail Office Retail Office Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office Office
Yes Yes Yes Yes No 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 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
Tresforte January 2010 Westville Coeur Defense July 2009 March 2009
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Table 10
Table 11
Essen German Retail Portfolio II DFK Portfolio Mapeley Gamma Borehamwood Investments Ltd. and Oakdale Investments Ltd. LMM Overseas Investments CGG- Tambelle REDO 3 Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A MacAllan Portfolio Henderson Staples Cassina Plaza Ashbourne Portfolio A Adelphi
July 2010 June 2011 July 2013 October 2012 January 2012
Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant
* * * * *
DECO 12 - UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 9 - Pan Europe 3 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC
September 2012 July 2013 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 November 2009 May 2010 April 2011 June 2011 August 2009
U.K. Germany Germany U.K. U.K. Germany Greece U.K. U.K. Germany Italy U.K. U.K.
Office Mixed Use Retail Retail Office Retail Retail/car parks Nursing home Office Mixed use Mixed use Nursing home Office
Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the DSCR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the LTV ratio covenant
* *
* * *
* *
* *
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Table 11
Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Senior Den Tir Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. Kirkglade Ltd. Barthonia Mango Bruckner Hof Times Square Sutton Ltd.
U.K. Germany Germany Germany Belgium U.K. U.K. Germany Germany Germany Germany U.K.
Distribution warehouse Retail Retail Retail Office Office Office Mixed use Office Multifamily housing Car showrooms Retail
*According to our data at the end of August 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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Chart 12
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Chart 13
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Chart 14
Table 12
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd.
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Table 12
Essen August 2010 German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hannover Hornbach Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu DFK Portfolio Edeka Retail Treveria II CPI Retail Active Management Mapeley Gamma April 2013 April 2011 May 2011 July 2013 June 2011 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 January 2012 July 2013 October 2012 July 2012 November 2010 October 2012 April 2010 January 2012 May 2012 September 2012
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. Mixed Use Retail Mixed use Retail Office 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. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) LMM Overseas Investments
U.K. U.K.
U.K. U.K.
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Table 12
DD Karstadt Hilden
Germany
Retail
Germany
Mixed Use
Mansford Nord Bayern Main Plus Retail Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Limited Elbank Limited Fairhold Portfolio Swiftgold Limited The Rowan UK Commercial Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Limited Sandfile Ltd.
December 2012 July 2011 January 2012 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010 July 2010 July 2012 July 2012 Unknown July 2012 December 2011 July 2012
Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany Germany U.K. U.K. U.K. U.K. U.K.
Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office Retail Multifamily housing Office Retail Mixed use Office Industrial
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Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing 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, London branch
Office Capita Assets Services (UK) Ltd. Nursing Homes Car service workshops Retail Retail Retail Capita Assets Services Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.
Netto Portfolio August 2012 Gemini August 2008 Ashbourne Portfolio A Adelphi Workspace Portfolio EHE - Pool 1A Monheim Neumarkt Senior Den Tir June 2011 January 2011 September 2011 July 2013 October 2012 July 2009 January 2009
Mixed use Capita Assets Services (UK) Ltd. Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Distribution Capita Assets Services (UK) Ltd. warehouse Retail Office Capita Assets Services Barclays Capital Mortgage Servicing Ltd.
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd.
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Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer The Monkey Loan Apple Coconut Mango Pineapple Bach Brahms Bruckner Handel Haydn February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013 January 2013 January 2012 May 2011 March 2012 January 2012 November 2011 January 2013 October 2012 November 2011
Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Mixed use Mixed Use Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use Office
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Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Retail Capita Assets Services Capita Assets Services
Leipzig Loan
Germany
Office
Dundee Times Square Sutton Limited KQ Warehouse Mangusta Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet Portfolio Quelle Nurnberg Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Loan Quartier 206 Shopping centre
U.K. U.K. Germany Germany Germany Germany The Netherlands Germany/Belgium Germany Germany Luxembourg France Belgium Germany Germany
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Mixed use Mixed use Office Multifamily housing Hotel Office Mixed use Mixed Use Office Mixed Use Office Retail Retail Hatfield Philips International 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. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
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Bacchus August 2009 Project Koito Project Middleton Loan Project Towergate Loan St. Mark's Court City Point January 2012 July 2013 July 2013 April 2012 February 2012 September 2011 April 2010 May 2013 October 2010 July 2011
Industrial Capita Assets Services (UK) Ltd. Industrial Capita Assets Services (UK) Ltd. Distribution warehouse Office Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Office Morgan Stanley Mortgage Servicing Ltd. Citibank International PLC Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. and Socit Gnrale Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Brisk Limited Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Spanish (Heron City)
U.K. Germany Germany France Spain France Germany Germany Spain Spain U.K.
Retail Office Retail Office Mixed use Office Office Office Retail
Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II Amadeus April 2011 November 2011 September 2009 February 2013 December 2008
Retail Capita Assets Services (UK) Ltd. Office Hatfield Philips International Ltd.
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Table 13
Transaction Cornerstone Titan 2007-1 PLC Longstone Finance PLC DECO 6 - UK Large Loan 2 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. BELLATRIX (ECLIPSE 2005-2) PLC
Notice topic Standstill agreement and valuation Other Property sales Standstill agreement Valuation
Dundee Property
Leipzig Loan
Other
Transaction-level notice
Counterparty
Wolfsburg Loan
Valuation
Standstill agreement
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DECO 8 - UK Conduit 2 PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Windermere X CMBS Ltd. FORNAX (ECLIPSE 2006-2) B.V. Titan Europe 2007-2 Ltd.
Valuation Valuation
Project Towergate Loan Project Towergate Loan Built Loan Kingbu Portfolio Six Hotels Loan
Cornerstone Titan 2005-1 PLC GEMINI (ECLIPSE 2006-3) PLC DECO 14 - Pan Europe 5 B.V. EuroProp (EMC VI) S.A. NEMUS II (Arden) PLC LCP Proudreed PLC Annington Finance No. 4 PLC Silenus (European Loan Conduit No. 25) Ltd. EQUINOX (ECLIPSE 2006-1) PLC HERCULES (ECLIPSE 2006-4) PLC Vulcan (European Loan Conduit No. 28) Ltd. Titan Europe 2007-3 Ltd.
Other Notice regarding that Exclusivity entered into with a preferred bidder in relation to Mitre House, 160 Aldersgate Street, London EC1. Property sales Notice regarding the sale of the Nova Building, Slough by the fixed charge receivers completed on 9th August 2013 for a total consideration of 1,800,000. Notice informing that the Appraisal reduction Amount following the updated CGG loan valuation is 26 million. Notice that the standstill agreement is extended upto 16 October 2013. Notice regarding the request to extend the Termination Date to the 31 October 2016 has been approved. Notice regarding Management Accounts for the period ended 30 June 2013. Notice regarding the Dependent Information and rating actions. Notice that the standstill agreement has again been extended until 30 September 2013. Notice to noteholders regarding restructuring and valuation of Ashbourne Loan. Notice to noteholders regarding restructuring and valuation of Ashbourne Loan. Notice that the standstill agreement is extended upto 07 Nov 2013.
CGG Loan Gutperle Loan Kirkglade Ltd. Transaction-level notice Transaction-level notice Orazio Portfolio
Appraisal reduction Defaulted and standstill agreement Loan Extension Other Other Standstill agreement Valuation Valuation Standstill agreement Transfer to special servicing
Notice that the Loan was transferred to Special Servicing as a result of a failure on the part of the Borrower to repay the Loan on the final maturity date of 18th July 2013 & Hudson Advisors Germany GmbH was appointed Special Servicer. Notice regarding the valuation of properties.
Transaction-level notice
Valuation
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Restructuring Other
Transaction-level notice
Property sales
BELLATRIX (ECLIPSE 2005-2) PLC EuroProp (EMC) S.A. (Compartment) 1 Cornerstone Titan 2005-2 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Quirinus (European Loan Conduit No. 23) PLC European Property Capital 3 PLC Talisman-4 Finance PLC EuroProp (EMC VI) S.A. Cornerstone Titan 2007-1 PLC Windermere X CMBS Ltd.
Transaction-level notice
Note event of Notice is hereby given that the Director of the Issuer, having default considered the financial position of the Issuer, believe that a Note event of default has occurred. Property sales Other Default and transfer to special servicing Default and transfer to special servicing Standstill agreement Property sales Notice regarding update on property disposal from Treveria I Loan. Notice regarding the Servicer's agreement to all the securiization parties. Notice of LTV event of default and transfer to special servicing. Notice of LTV event of default and transfer to special servicing Notice that the standstill agreement has been extended upto 7th Nov 2013. Notice that on 16 August 2013 the disposal of the property owned by D/L Real Estate K03 Utrecht B.V. was completed for 5,800,000 which resulted in a net disposal amount equal to 5,657,234.57 notice that the sale of Barthonia loan is completed for an amount of EUR 86544175.18. Notice of Amendment Agreements to Standstill agreements EPIC Horse Loan and EPIC Rhino Loan which has extended unto 31st Oct 2013. Hugo Loan : The standstill agreement has extended untill 19th Nov 2013. Notice regarding the Payment default and updated valuation in relation to the Ligthning Dutch Loan.
Randstad Loan
Barthonia Whole Loan EPIC Horse Loan and EPIC Rhino Loan Hugo Loan Lightning Dutch
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Transaction-level notice
Other
Transaction-level notice
Other
Transaction-level notice
Other
Titan Europe 2006-5 Plc FORNAX (ECLIPSE 2006-2) B.V. Windermere XIV CMBS Ltd.
Other Valuation
Property sales
Opera Germany (No. 2) PLC Talisman-6 Finance PLC DECO 14 - Pan Europe 5 B.V. Cornerstone Titan 2007-1 PLC Opera Finance (CMH) PLC Talisman-7 Finance Ltd.
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*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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