Publications

- January 1, 2022: Vol. 16, Number 1

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Europe’s first commercial real estate CLO closes

by Marek Handzel

Europe's first commercial real estate collateralized loan obligation (CLO), valued at £219 million (€257 million), has been closed.

Starz Mortgage Securities 2021-1 was completed by Starz Real Estate via Credit Suisse, with law firm Reed Smith acting as adviser.

The Starz Real Estate CLO is backed by a portfolio of nine commercial mortgage loans and is secured by 17 properties in the UK and Europe. 84.8 percent are GBP-denominated across eight regions throughout the UK, 15.2 percent are EUR-denominated, across Spain (5.8 percent), Ireland (4.8 percent), and the Netherlands (4.6 percent). The UK loans are backed by residential properties; an indoor market in London; three hotels in Stoke, Elstree and Bolton; and an office park in Motherwell. The European loans comprise a loan backed by a shopping centre in Alcalá de Henares in Spain, an apartment complex in Dublin, and an industrial warehouse in Lisse, the Netherlands.

The Reed Smith team was led by structure

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