DBRS Assigns Provisional Ratings to Windermere XII FCC

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Backed Floating Rate Notes issued by Windermere XII FCC:
-- EUR 776 million Class A at AAA
-- EUR [•] Class X at AAA

Finalization of ratings is contingent upon receipt of final documents.

The collateral for the transaction consists of two interest-only floating-rate lender’s liens totalling EUR 1.64 billion on an office property located in the La Défense submarket of Paris. The loans represent acquisition financing for the property, Coeur Défense, by the sponsors, Lehman Brothers Real Estate Partners and Atemi SAS. The total acquisition cost was approximately EUR 2.1 billion, or EUR 11,628 per square metre (psqm). The whole loan, EUR 9,258 psqm, represents a loan-to-cost ratio of approximately 79.6%. Coeur Défense is a trophy asset built in 2001 in a dominant, easily accessible location within La Défense.