July 3, 2014 / 8:52 AM / 3 years ago

RPT-Fitch: Strong German Multifamily Housing CMBS Performance

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July 3 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says in a new report that German multifamily (MFH) CMBS transaction performance has been strong since transaction origination in 2012/2013.

"The collateral performance of the largest MFH transactions has remained stable to positive over the last 12 months, visible through increasing rental levels, stable vacancy rates and cost ratios within our expectations", says Tuuli Krane, Director in Fitch's European Structured Finance team. "This trend is expected to continue in the coming quarters, due to the stable economy in Germany."

Three new MFH CMBS transactions, (Taurus 2013 (GMF1) PLC (Taurus (GMF)), German Residential Funding 2013-1 Limited (GRF2013-1) and German Residential Funding 2013-2 Limited (GRF2013-2)), were issued in 2013.

"The new issuance are proof of investor interest returning in CMBS, albeit to a small sub-section of the overall CMBS market," says Mario Schmidt, Associate Director in Fitch's European Structured Finance team. The four largest transactions (the three above-mentioned deals and Florentia Limited issued in 2012) account for over 80% of the total outstanding securitised German MFH debt balance.

The report, entitled "German Multifamily Housing - A Performance Update", is available at www.fitchratings.com. The report details the past performance of the four main multifamily transactions. In order to place these transactions in the context of the German property market, the report also provides an overview of sector trends.

Link to Fitch Ratings' Report: German Multifamily Housing


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