KBRA Affirms All Ratings for Taurus 2021-1 UK DAC
7 Feb 2025 | London
KBRA UK (KBRA) affirms all of its outstanding ratings for Taurus 2021-1 UK DAC, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decrease in the KLTV from the prior review and from securitisation. However, the magnitude of the change does not warrant rating changes at this time.
The collateral for the transaction is a single, limited recourse, first-lien mortgage loan secured by the borrower’s interests in 45 industrial assets of which 38 are held freehold, six leasehold, and one a combination of freehold and leasehold. Together, the properties comprise 4.1 million square feet (sf) and are located across nine regions throughout the United Kingdom, with the top five being Greater London (42.1% of loan balance), East of England (18.3%), South East (10.5%), North West (7.8%), and West Midlands (6.2%).
Since the transaction closing date in March 2021, the sponsor sold one unit in a property that was part of the collateral pool at securitisation. Using the proceeds from the partial asset sale, the senior loan has paid down by 0.7%, from an original balance of £340.1 million as of the closing date to £337.7 million as of November 2021. There have been no additional sales over the period and the loan balance remains at £337.7 million as of the current review.
KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of £27.3 million and KBRA value of £420.8 million (£103 per sf). The resulting in-trust KLTV is 80.2%, down from 89.2% at last review and from 90.6% at securitisation. KBRA maintains a KPO of Perform for the loan.
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