CMBS Issuance to Refinance Toys R Us UK Property Portfolio
Our attorneys advised Debussy DTC PLC as Issuer in relation to the £263m CMBS transaction arranged by Cairn Capital in order to refinance the UK property portfolio of Toys R Us. Backed by Toys "R" Us suburban big box retail stores, it is the first non-prime European commercial real estate securitization transaction since the 2008 financial crisis.
The transaction also reaffirms the recovery for CMBS transactions now underway in the European market. According to Dealogic, to date this year, the number of European CMBS issuance is approximately $5.5 billion, more than five times the value of European CMBS transactions at this time in 2012.
The firm was appointed by Capita Trust Corporate Limited, the Issuer's corporate servicer, and a leading provider of corporate services to the ABS market.