Press Release|CMBS
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KBRA Affirms All Ratings for Vita Scientia 2022-1 DAC

24 Apr 2026   |   London

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KBRA UK (KBRA) affirms all its outstanding ratings for Vita Scientia 2022-1 DAC, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance since securitisation.

The collateral for the transaction is a single, first-lien mortgage loan secured by a portfolio of eight life science properties (80.7% by ALA) and one office property (19.3%). Six life science assets and one office asset are located in Leiden in the Netherlands (73.4%), and two life science properties are in Munich, Germany (26.6%). The portfolio has a combined lettable area of 82,742 sqm, is let to 25 tenants and is currently 97.5% leased, compared to 97.1% at last review and 96.2% at closing.

There have been no property sales since closing and the loan balance remains at €188.8 million as of the current review. The transaction includes €76.2 million of mezzanine debt that is held outside of the trust.

KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €15.8 million and KBRA value of €235.9 million (€2,851 per sqm). The resulting in-trust KLTV is 80.0%, compared to 81.1% at last review and 82.3% at securitisation. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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